Breaches and incidentsBriefChecked against a primary source
Term Finance Meta Vaults: governance takeover of six vaults
23 Aug 2026: about USD 8.5M (about 2,843 ETH and 1.68M USDC) drained from six Ethereum vaults (PeckShield, CertiK, BlockSec).
- Disclosed
What happened
- Root cause per BlockSec: a governance design flaw. TokenVoting thresholds were purely relative, and almost no holders had wrapped into the governance token, so about 0.5 ETH of shares gave the attacker about 90.66% of voting supply. The execution delay had no guardian or cancel path.
- Attribution: none.
- Response: Term permanently closed the Meta Vaults, left withdrawals open and revoked DAO governance roles.
Sources
- https://blocksec.com/blog/web3-security-term-finance-mayachain-exploits
- https://www.theblock.co/post/412543/term-finance-governance-exploit
This is a brief: a short, sourced summary from our incident tracking. Full advisories add commands to check whether you are affected.