Term Finance Shuts Down Meta Vaults After Governance Attack, Loses ~$8.5M

The loss here is less about the dollar figure than about the attack surface: a governance mechanism, not a smart-contract exploit, was the entry point. That shifts the risk conversation toward who holds voting power and how quickly parameters can change, which matters for any protocol treating token governance as a security layer. Whether other DeFi teams re-examine their own governance designs — and whether vault-style pooled strategies remain attractive if governance is the weak link — is the open question.