Crypto lender Geist Finance shuts down permanently over Multichain hack By Cointelegraph

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

Geist is a lending protocol operating 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.