Lending protocol Geist Finance will likely be completely shut down as a consequence of losses brought on by a multi-chain exploit, in line with a social media publish on July 14 by the app’s improvement group. Geist’s contract was suspended on July sixth and resumed on July ninth in “withdrawal and reimbursement solely” mode. The most recent publish confirms that the group has no plans to renew lending on Geist.
Geist is a lending protocol that runs on the Fantom community. Previous to the multi-chain hack, $29 million price of crypto property have been locked in contracts. Previous to the hack, Geist allowed customers to borrow, lend and use bridge tokens as collateral from multi-chain platforms (USDC), (USDT), (BTC) and the ether (ethereum). The corporate used Chainlink’s oracle to trace the worth of those property and decide the worth of collateral and loans.
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