TermLabs updates attack progress: MetaVault has been closed and governance permissions revoked

On August 24, DeFi protocol TermLabs updated the progress of the attack. It disclosed that the TermVault treasury governance mechanism was affected, not the underlying Term protocol and its direct lending market. All MetaVault vaults have now been closed and the DAO governance authority has been revoked to prevent further capital inflows. This closure is irreversible and will permanently prevent new deposits from entering. At present, the cash withdrawal function remains open, and is working with external security teams to carry out repair and restoration work; if it is finally confirmed that there is a funding gap, corresponding solutions will be explored. TermLabs reminds users to only pay attention to the information posted on official accounts and be wary of fraud by impostors. According to previous news, TermLabs suffered a loss of approximately US$8.5 million due to governance attacks.