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BONK 
ETH Term Labs loses US$8.5 million due to governance breach
Term Labs lost approximately US$8.5 million after the attacker gained sufficient governance authority and executed a malicious proposal against the treasury under the Ethereum-based fixed rate lending agreement. Term Labs confirmed the governance attack on Sunday and began investigating the affected coffers. The addresses controlled by the attackers currently hold approximately 2,843 ETH and 1.6 million DAIs, with confirmed gains of nearly $8.5 million at current prices.
The wallet related to this operation was funded through Tornado Cash before the attacker accumulated governance voting rights. Subsequently, the attacker used Term's voting process to authorize transactions in the protocol vault, transforming governance control into control of deposited assets, rather than directly attacking Ethereum itself.
An attacker obtains Term Treasury assets through governance privileges.
TERM is a governance token for Term Finance, and the holder can participate in voting that affects protocol decisions. Term operates fixed-rate lending markets and treasury products that deploy funds into on-chain lending strategies. The attack targeted the governance path that controls the Term Treasury. The attackers amassed voting power, submitted proposals that could move treasury assets, and gained enough support to execute the transactions.
The stolen assets included approximately 2,843 ETH and stablecoins. Approximately 1.68 million USDC were transferred during the attack and subsequently exchanged for DAIs, resulting in the address currently holding approximately 1.6 million DAIs and the above-mentioned ETH.
This way of exploiting acquired voting rights is different from a contract-level attack. For example, in the KiiChain attack on Sunday, an EVM module vulnerability allowed funds to leave the chain through Hyperlane before verifiers suspended the network.
BONK loses US$20 million due to governance takeover
On July 6, BonkDAO lost approximately US$20 million in BONK after an attacker accumulated enough voting power to pass a malicious proposal in Solana's Realms governance system. The attackers spent approximately $4 million to establish the needed BONK position, and subsequently transferred 4.426 trillion BONK pieces from the DAO vault through a proposal. As the stolen coins circulated on the market, BONK prices subsequently fell by nearly 40%.
In June, TOP, a small protocol based on Ethereum, suffered a similar takeover. The attackers extracted approximately 664 ETH from Tornado Cash, bought more than half of the TOP total supply of 16,384 tokens, and used a majority vote to approve the minting of 10 billion new tokens. After the newly minted tokens were sold, the attackers withdrew approximately $1.6 million from the Balancer pool. Because TOP lacks a time lock between approval and execution, most governance permissions can perform operations immediately.
Term launches investigation, DeFi attack accelerates
A few days before Term lost $8.5 million, Maya Protocol suffered an accounting error that caused the attacker to manipulate liquid positions and withdraw assets, losing approximately $1.7 million. Maya responded by suspending the network while developers isolated the affected path.
Term has not yet released a final transaction-by-transaction analysis report, recovery plan or confirmed compensation process. Its latest update shows that the affected Term vault is under active investigation, and the identified attacker addresses still hold approximately 2,843 ETH and 1.6 million DAI.
