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Crypto lender Geist Finance shuts down permanently over Multichain hack

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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.”

 

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

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