Term Labs permanently shut down all Term Meta Vaults and revoked their DAO governance roles after a governance exploit. The irreversible action blocks new deposits but leaves withdrawals open. PeckShield estimated that the attacker removed about 2,843 ETH, worth $6.87 million at the time, and 1.68 million USDC, which was swapped into roughly 1.68 million DAI, for a total of about $8.5 million. A separate attack analysis said the attacker spent about $951 to obtain enough governance power to control four USDC strategy vaults and roughly 91% of the Ethereum Meta Vault, which held about $12.45 million before the incident. Term has not confirmed those figures, its own final loss estimate, depositor repayments, or a compensation timetable. Yearn said the exploit used Term’s custom governance wrapper rather than standard Yearn V3 vault configurations, while Term said its underlying protocol and direct lending markets were not affected.