Term Finance loses $8.5M in vault exploit

A vulnerability exploit hit a vault at Ethereum-based fixed-rate lending market Term Finance, resulting in the theft of about $8.5 million in assets, The Block reported. The hacker is estimated to have stolen 2,843 ETH worth about $6.9 million and 1.68 million USDC. The 1.68 million USDC was later swapped for about 1.68 million DAI. Term Finance said it had confirmed the hack affecting its Term Vault and would disclose further details after completing its investigation.