Crypto lender Geist Finance shuts down permanently over Multichain hack

Lending procedure Geist Finance is shutting down completely due to losses from the Multichain make use of, according to a July 14 social media post from the apps advancement team. Geist agreements were stopped briefly on July 6, then resumed in “withdraw and pay back just” mode on July 9. The newest post validates the group does not prepare to resume loaning and borrowing on Geist.1/ 2 After verification from Multichain that the funds will not be recuperated, we are revealing that Geist will not resume.– Geist Finance (@GeistFinance) July 14, 2023

Loaning protocol Geist Finance is closing down completely due to losses from the Multichain exploit, according to a July 14 social media post from the apps advancement team. Geist contracts were stopped briefly on July 6, then resumed in “withdraw and repay just” mode on July 9. The most recent post verifies the group does not prepare to resume lending and loaning on Geist.1/ 2 After confirmation from Multichain that the funds will not be recuperated, we are announcing that Geist will not resume. Since Chainlink oracles are tracking the value of real USDC, USDT, WBTC or ETH, they are not conscious of the genuine worth of Multichain assets.– Geist Finance (@GeistFinance) July 14, 2023

Geist is a financing protocol running on the Fantom network. Before the hack, Geist enabled users to borrow, provide or use bridged tokens from the Multichain platform as collateral, consisting of bridged versions of USD Coin (USDC), Tether (USDT), Bitcoin (BTC) and Ether (ETH). As an outcome, Geist will not be able to reopen.Related: Circle, Tether freezes over $65M in possessions transferred from MultichainGeist Finance user interface in “withdraw and pay back only” mode.