In keeping with a July 14 social media put up by the app’s improvement staff, lending protocol Geist Finance shall be completely shut down resulting from losses brought on by a multi-chain exploit. Geist’s contract was suspended on July sixth and resumed on July ninth in “withdrawal and compensation solely” mode. The newest put up confirms that the staff 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 had 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 oracles to trace the costs of those property and decide the worth of collateral and loans.
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