Bitcoin

<ul><li>A developer wallet unexpectedly changed the Loan-to-Value ratio at Pac Finance, triggering liquidations worth $24 million.</li><li>The LTV adjustment was made without prior notification to the community, sparking significant backlash and criticism from key developers.</li><li>In response to the incident, Pac Finance is setting up a governance contract to ensure the community discusses and approves future changes beforehand.</li></ul>Defi protocol Pac Finance suffered $24 million in liquidations due to a sudden change in parameters made by a developer wallet. Initially <a href="https://x.com/wilburforce_/status/1778426380608307538" rel="noopener noreferrer nofollow">pointed out</a> by crypto innovator Will Sheehan on April 11, the issue was later acknowledged by the Pac Finance team, <a href="https://x.com/pac_finance/status/1778529972447252497" rel="noopener noreferrer nofollow">stating</a>:&lt;blockquote&gt;“We are aware of the issue and are in contact with the impacted users, actively developing a plan with them to mitigate the issue.”&lt;/blockquote&gt;Pac Finance functions as a defi lending protocol on the Blast network. Cryptocurrency holders leverage the protocol to deposit funds and earn interest on their capital. Repayment is ensured by allowing borrowers to take out loans that are equal to a percentage of collateral they have locked.This percentage value is dubbed the loan-to-value ratio (LTV), the main parameter at the center of this incident. This parameter can be altered by the development team to best suit a protocol’s interests. However, the holders are usually made aware in advance if such decisions are made.<a href="https://cryptotale.org/pac-finance-sees-24-million-liquidated-after-unannounced-ltv-adjustment/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Pac Finance Sees $24 Million Liquidated After Unannounced LTV Adjustment

CryptoTale

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