Lending protocol Geist Finance is shutting down completely because of losses from exploiting Multichain, based on an announcement on July 14. app growth 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 put up 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 price of cryptocurrency property 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 watch the costs of those property to find out their collateral and mortgage values.
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