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 line with a July 14 social media publish 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 most recent publish 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 value of crypto belongings 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 belongings to find out their collateral and mortgage values.

Proceed Studying on Coin Telegraph