Blast-based lending protocol Pac Finance confirmed that its liquidation threshold was changed unexpectedly without prior information to its team, resulting in significant user losses.
This issue is representative of the ongoing challenges faced by DeFi protocols on the Ethereum layer-2 network, Blast. Last month, Munchables, a web3 game operating on this network, suffered a loss of over $62 million due to an attack. Fortunately, the hacker returned the stolen funds voluntarily.
$26 million liquidation
On April 11, Will Sheehan, the founder of Parsec Finance, reported a “giant swath of ezETH Liquidations on Pac Finance.”
His finding was further corroborated by Kydo, an EigenLabs developer, who stated:
“An EOA wallet (0xae), presumably controlled by Pac_finance, updated the liquidation threshold (allegedly) unannounced, without a timelock. $26 million got liquidated within 6 seconds after the update.”
Pac Finance allows users to earn interest by depositing their crypto holdings.
We współpracy z: https://cryptoslate.com/blast-based-pac-finance-unexpectedly-liquidates-users-for-26-million/
