Term Labs permanently shut down all Term Meta Vaults and revoked DAO governance roles after an exploit involving Term Vault governance. New deposits are blocked, but withdrawals remain open. PeckShield estimated that the attacker drained about 2,843 ETH, worth $6.87 million at the time, and 1.68 million USDC that was swapped into roughly 1.68 million DAI, putting the total loss at about $8.5 million. Onchain records show transfers of 2,841.74 WETH to an address labeled by Etherscan as Term Finance Exploiter 1 and 1.68 million USDC to another labeled Term Finance Exploiter 2. Term did not provide its own loss estimate, identify the revoked roles or affected contract addresses, or publish revocation transactions. The company said its underlying protocol and direct borrowing and lending markets were not affected based on its investigation so far, while verification continued. Term is working with external security teams on remediation and recovery, but said only that it would explore ways to address any remaining shortfall, without committing to reimbursement or a recovery timetable. Yearn said the exploit used Term's custom governance wrapper rather than standard Yearn vault setups, which it said were unaffected.