Blast

April

Giant

Change

Discord

<a href="https://bitcoinworld.co.in/pac-finance-users-lost-24m-in-liquidations-after-sudden-parameter-change-in-developer-wallet/" title="Pac Finance Users Lost $24M In Liquidations After Sudden Parameter Change In Developer Wallet" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">A sudden parameter change made by a developer wallet of the decentralized finance (DeFi) app, Pac Finance, caused users to suffer $24M in liquidations on April 11.</li>
</ul>
A sudden parameter change made by a developer wallet of the decentralized finance (DeFi) app, Pac Finance, caused users to suffer $24 million in liquidations on April 11.&nbsp;
While Pac Finance has replied to a <a href="https://twitter.com/wilburforce_/status/1778426380608307538" rel="noopener noreferrer nofollow">post</a> on X, stating that the team is aware of the issue, no official announcement has been made regarding the incident.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Giant swath of ezETH Liquidations on pac finance last night on blast, someone got tagged for $24m <a href="https://t.co/uzqRX0UAUD" rel="noopener noreferrer nofollow">pic.twitter.com/uzqRX0UAUD</a>
 — Will Sheehan (@wilburforce_) <a href="https://twitter.com/wilburforce_/status/1778426380608307538?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 11, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Operating on the Blast network, Pac Finance is a cryptocurrency lending app that enables users to deposit funds and earn interest through lending their capital.&nbsp;
To ensure repayment, the app imposes a loan-to-value ratio (LTV), which restricts borrowers from taking out loans exceeding a certain percentage of their collateral.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/illegal-crypto-mining-russian-police-seized-more-than-3200-rigs-in-siberia-raids/" aria-label="“Illegal Crypto Mining: Russian Police Seized More than 3,200 Rigs in Siberia Raids” (Edit)" rel="noopener noreferrer nofollow">Illegal Crypto Mining: Russian Police Seized More than 3,200 Rigs in Siberia Raids</a>
Normally, changes to the LTV are announced in advance and implemented by the development team.
Blast network’s blockchain data reveals that at 1:06 am UTC on April 11, a developer wallet executed a function on Pac Finance’s PoolConfigurator-Proxy contract, setting the LTV for Renzo Restaked Ether (ezETH) at 60%.&nbsp;
This sudden parameter change resulted in the liquidation of numerous ezETH leveraging farmers who were found to be in violation of the collateral rules for the protocol.
In response to the wave of liquidations, Pac Finance users vented their grievances and demanded explanations on the protocol’s Discord server.&nbsp;
The team’s Discord moderator acknowledged the concerns and stated their attempts to contact the team for clarification.
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>
#Binance #WRITE2EARN
The post <a href="https://bitcoinworld.co.in/pac-finance-users-lost-24m-in-liquidations-after-sudden-parameter-change-in-developer-wallet/" rel="noopener noreferrer nofollow">Pac Finance Users Lost $24M In Liquidations After Sudden Parameter Change In Developer Wallet</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Pac Finance Users Lost $24M In Liquidations After Sudden Parameter Change In Developer Wallet

ItsBitcoinWorld

Other articles published on Apr 14, 2024

Volume Transaksi XRP Ripple Meroket 156% saat Pasar Ambruk, Ada Apa?

As Ethereum and XRP collapse, whales start to buy: Sign of a bull run?

DOGE Price Set For Rebound? Whale Moves $26 Million In Dogecoin Off Robinhood

Uniswap Raises Fees to Prepare for SEC Legal Battle

Shiba Inu Price Soars, Bitcoin Ordinal Inscriptions Crosses 65M, NuggetRush To Launch Immersive M...

Shiba Inu Burn Rate Skyrockets by 64,201%, 657 Million SHIB Vanish

Join our free newsletter for daily crypto updates!