Term Finance reports $8.5 million loss after attacker buys governance voting power for 2 ETH

Ethereum lending app Term Finance reported losing $8.5 million after an attacker acquired enough governance voting power to influence protocol decisions ^{[1] [2]}.

CoinDesk reported that the exploit involved the attacker buying voting power, and that the incident illustrated how cheaply acquired voting tokens can be used when control of a protocol is cheaper than the assets it governs ^[1].

Crypto Briefing reported that the attacker obtained governance votes for “just 2 ETH.” ^[2].

MoneyCheck also covered a governance exploit affecting Term Finance’s strategy vaults, but the provided extract does not include additional technical details beyond the existence of the incident ^[3].

TheCoinrise.com reported that Term Finance was drained after an attacker reportedly acquired governance votes for as little as 2 ETH, and described the event as a governance-based attack rather than a traditional smart contract bug ^[4].