POPA ReconGovernance Attack Drains Term Finance for $8.5M
Governance Attack Drains Term Finance for $8.5M Term Finance, an Ethereum fixed-rate lending protocol, was drained of about $8.5M after an attacker cornered a majority of its thinly-held DAO token and voted through malicious proposals to seize the protocol's strategy vaults. The attack cost almost nothing to set up: the attacker's funding traced to just 2 ETH routed through Tornado Cash. Because the governance token had a low float and thin voter turnout, that small stake was enough to clear the proposal and quorum thresholds and self-approve transactions that redirected vault assets. Rough…
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