News Formal

Crypto lender Geist Finance shuts down permanently over Multichain hack

  • 📰 Cointelegraph
  • ⏱ Reading Time:
  • 12 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 8%
  • Publisher: 51%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

Geist Finance is shutting down permanently due to losses from the Multichain exploit. Contracts were paused on July 6, then resumed in “withdraw and repay only” mode on July 9. Latest post confirms the team does not plan to reopen lending and borrowing.

). It used Chainlink oracles to track the prices of these assets to determine their collateral and loan values.

“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. Those assets are currently trading at around 22% of their real value.”

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 562. in UK
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Chainlink oracles misreporting values led to Geist Finance's closure. The oracles failed to track Multichain assets accurately, making lending impossible.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Real-World Asset Platform Ondo Finance Expands Tokenized Treasurys to PolygonTokenized real-world asset platform OndoFinance is issuing its short-term Treasurys token $OUSG natively on 0xPolygon and also plans to bring its upcoming tokens and DeFi protocol FluxDeFi to the network. By sndr_krisztian
Source: CoinDesk - 🏆 291. / 63 Read more »

DA Alvin Bragg to indict in finance fraud tied to Adams’ campaignIt’s possible that all is not well in City Hall. Manhattan District Attorney (DA) Alvin Bragg announced last week the indictments of six people and a consulting company in connection with Mayor Eric Adams’ mayoral campaign back in 2021.
Source: NYAmNews - 🏆 269. / 63 Read more »