Hack history / 2026 / Hack or exploit
TermFinance Vaults
Hack or exploit on Aug 23, 2026 · Malicious Proposal
SOURCES AGREE ON DATE AND LOSS · 5 SOURCES
Lost
$8.5M
dollars at the time
Returned
none listed
as the sources state it
Rank
#331
among thefts by dollars lost
What happened
An attacker acquired majority voting power in the thinly held governance tokens controlling Term Vaults and used that voting power to pass malicious governance proposals. The proposals gave the attacker control over the affected vaults, enabling the underlying assets to be withdrawn. The attack therefore did not require stealing an administrative key or bypassing an authorization check—the attacker obtained the required authority through the governance mechanism itself. Recent reporting indicates the affected products were Term’s strategy vaults built on Yearn V3 infrastructure rather than Term Finance’s core fixed-rate repo lending architecture
Details
- Date
- Aug 23, 2026
- Kind
- Hack or exploit
- Method
- Malicious Proposal
- How in
- Price, oracle and governance
- Target
- DeFi protocol
- Chains
- Ethereum
Related incidents
Stolen LastPass vaults possibly cracked to enable crypto thefts 2023 · Hack or exploit · $35M
flash.sx / vaults.sx 2021 · Hack or exploit · $13M
BonkDAO 2026 · Hack or exploit · $20M
Astroport 2026 · Hack or exploit · $4.9M
Drop 2026 · Hack or exploit · $4.4M
flash.sx / vaults.sx 2021 · Hack or exploit · $13M
BonkDAO 2026 · Hack or exploit · $20M
Astroport 2026 · Hack or exploit · $4.9M
Drop 2026 · Hack or exploit · $4.4M
Cite this page
SwanBluechip, "TermFinance Vaults hack, Aug 23, 2026: $8.5M lost", Crypto hack history, https://swan-hack-tracker.pages.dev/history/i/ht5bc1490407/ (data as of 2026-11-01).