Lending protocol Geist Finance is shutting down completely as a result of losses from exploiting Multichain, in response to an announcement on July 14. app improvement groups on social media. Geist contracts have been suspended on July 6, and on July 9 up to date in “withdrawal and return solely” mode. The most recent publish confirms that the crew has no plans to replace lending and borrowing on Geist.
Geist is a lending protocol that runs on the Fantom community. Earlier than Multichain was hacked, greater than $29 million value of cryptocurrency belongings have been locked up in its contracts. Earlier than the hack, Geist allowed customers to borrow, lend, or use bridge tokens from the Multichain platform as collateral, together with bridge tokens (USDC), (USDT), (BTC) and ether (ETH). He used Chainlink oracles to observe the costs of those belongings to find out their collateral and mortgage values.
Proceed studying Coin Telegraph.
