Term Finance Cleansed of $8.5M After Lone Hacker Votes Themselves Grand Poohbah of Vaults
Ethereum lending protocol Term Finance lost $8.5 million in a governance takeover after an enterprising attacker bought up thinly traded voting tokens and unanimously elected themselves supreme controller. Despite safety timelocks that supposedly prevent such nonsense, the protocol simply watched its funds walk out the door. Down in Todos Santos, we have our own governance issues when the ejido argues over water rights, but at least those land disputes involve actual dirt instead of invisible Ethereum vaults.