Geist Finance mortgage protocol is completely closing resulting from losses from the Multichain exploit, in accordance with a July 14 social media submit from the app’s growth workforce. Geist contracts have been suspended on July 6, then resumed in “withdrawal and refund solely” mode on July 9. The newest submit confirms that the workforce has no plans to reopen lending and borrowing on Geist.
Geist is a lending protocol operating on the Fantom community. He had over $29 million in crypto property locked in his contracts earlier than the Multichain hack. Previous to 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). He used Chainlink oracles to trace the costs of those property to find out their collateral and mortgage values.
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