Term Labs Loses $8.5 Million in Governance Hack, Investigation Ongoing
JOON HYOUNG LEE
Summary
- Decentralized finance protocol Term Labs said losses from a hack were estimated at about $8.5 million.
- Security firm CertiK said the wallet tied to the Term Labs hacker held about 2,843 Ether and roughly 1.6 million DAI, a dollar-pegged stablecoin.
- Term Labs said its Term Valuts service was affected by a hack that exploited a vulnerability in its governance system and that it is investigating the exact method of the attack and the full extent of the losses.
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Term Labs, a decentralized finance protocol, suffered about $8.5 million in losses in a hack.
BlockBeats reported on August 23 that blockchain security firm CertiK said the wallet tied to the Term Labs hacker held about 2,843 Ether and roughly 1.6 million DAI, a dollar-pegged stablecoin. The holdings were valued at about $8.5 million.
Term Labs said it had confirmed an incident affecting its Term Valuts service after a hacker exploited a vulnerability in its governance system. The company is investigating the exact method of the attack and the full extent of the losses.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul