Crypto lender Geist Finance shuts down completely over Multichain hack

Lending protocol Geist Finance is shutting down completely attributable to losses from the Multichain exploit, in response to a July 14 social media put up from the app’s growth group. Geist contracts have been paused on July 6, then resumed in “withdraw and repay solely” mode on July 9. The newest put up confirms the group doesn’t plan to reopen lending and borrowing on Geist.

Geist is a lending protocol working on the Fantom community. It had over $29 million price of crypto property locked in its contracts earlier than the Multichain hack. Earlier than the hack, Geist allowed customers to borrow, lend or use bridged tokens from the Multichain platform as collateral, together with bridged variations of (USDC), (USDT), (BTC) and Ether (ETH). It used Chainlink oracles to trace the costs of those property to find out their collateral and mortgage values.

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