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SpiritSwap previously had its entire treasury drained due to the ongoing Multichain exploit. SpiritSwap, a decentralized exchange (DEX) on Fantom, will no longer shut its doors in September after having treasury funds stuck on troubled cross-chain protocol Multichain. In an Aug. 16 community vote, SpiritSwap users passed a resolution to transfer the project to Power, a fellow nonfungible token platform and DEX that is also based on Fantom. In consideration, Power will deploy 200,000 USD Coin (USDC) into the SpiritSwap treasury. “Initially, I had requested a deposit of 20-30K to the treasury to cover the essential costs of SpiritSwap. However, the Power team is willing to go above and beyond by depositing 200,000 USDC," wrote Nzaru, head manager at SpiritSwap, who announced that he would depart the DEX after receiving a new job offer. “On the 30th, I will finalize the new team and conduct orientation sessions to prepare for the upcoming month,” he said. Snapshot of the SpiritSwap ...

Over $1.5 billion of users' and enterprises' assets were held on Multichain prior to the arrest of its CEO Zhaojun He. SpiritSwap, a decentralized exchange (DEX) built on smart contract platform Fantom, will wind down operations from Sept. 1, citing exposure to troubled Chinese cross-chain protocol Multichain. In the Aug. 9 announcement via Discord, developers revealed that the Multichain hack left SpiritSwap's entire treasury drained and, therefore, "without the means to finance essential aspects of our operation," including operational costs, salaries and marketing. The team says it is looking for "a team to take over" the DEX by Sept. 1. If no change of ownership occurs by then, the DEX says it will cease operations entirely.  Founded in 2021, SpiritSwap had been one of the popular DEXs on Fantom before the onset of the cryptocurrency bear market. Its total value locked (TVL) reached an all-time high of $374 million in January 2022 but now stands ...

The $29 million TVL lending platform is shutting down because its oracles are misreporting Multichain token values after the exploit. Lending protocol Geist Finance is shutting down permanently due to losses from the Multichain exploit, according to a July 14 social media post from the app’s development team. Geist contracts were been paused on July 6, then resumed in “withdraw and repay only” mode on July 9. The latest post confirms the team does not plan to reopen lending and borrowing on Geist. 1/2 After confirmation from Multichain that the funds will not be recovered, we are announcing that Geist will not reopen. Because Chainlink oracles are tracking the value of real USDC, USDT, WBTC or ETH, they are not aware of the real value of Multichain assets. — Geist Finance (@GeistFinance) July 14, 2023 Geist is a lending protocol running on the Fantom network. It had over $29 million worth of crypto assets locked in its contracts before the Multichain hack. Before the hack, Gei...