Crypto lender Geist Finance shuts down permanently over Multichain hack
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...