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On April 12, PAC Finance users on Blast said that on April 11, a $ 24 million liquidated liquidation was suffered by the developer’s wallet suddenly changed the parameters.
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PAC Finance allows cryptocurrency holders to deposit funds and earn interest through borrowing capital. In order to ensure repayment, only borrowers borrow a certain percentage loan equivalent to mortgage value.This percentage is called “loan value ratio” (LTV).According to the blockchain data of the BLAST network, the PAC Finance developer wallet called a function on its POOLCONFIGURATOR-PROXY contract at 1:06 in UTC time on April 11, setting the EZETH LTV to 60%.
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LTV can be changed by the development team, but it is usually executed only after the announcement.However, the PAC Finance this time did not issue an announcement on official channels, which caused platform users to liquidate.
After the clearing event was fermented, members of the PAC Finance team clarified that they did not issue an announcement in the community, but announced the decision when responding to others.He also said that the team had previously explained to the engineer responsible for the contract to modify the task of the LTV, but the engineer modified the liquidity threshold without communicating with the team without authorizing the team.Together with several users who are connected to the influence. “
PAC Finance is the first mixed borrowing agreement on BLAST, and has point loan and point -to -pool loan function.Earlier, it became a popular interactive agreement because of airdrop expectations.After the liquidation incident without a reason, the community also remembered the project before the founding team, and also staged a DRAMA event.
In May last year, the NFT lending agreement Paraspace staged an internal fighting drama. Many KOL issued a document to warn the Paraspace team internally, and it was recommended that users withdraw the capital as soon as possible. This incident was fermented in the community.Eh Gas withdrew funds from Paraspace.In this storm, the “project control” and “team trust” of the Paraspace’s founding team were all questioned. Although they then ensured the security of user funds, they were greatly affected at the level of market public opinion.Since then Paraspace has announced merging and brand reshaping with Parallel Finance to create Parax.
Back to the PAC Finance incident, it is not the first project on BLAST to have financial security issues.BLAST, as Layer2, who was born at the end of last year, has produced many early native projects on the airdrop expectation and the rendering of TVL explosive growth, but at the same time, there are many problems.
In early March, the BLAST lending agreement ORBIT Lending was also accused of the problem of liquidation threshold by KOL. The protocol stated that 83% was a liquidation threshold, but when 80% reached 80%, liquidation would be encountered.However, the project subsequently paid the damaged users.
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During the same period, the Blast ecological project Munchables claimed that it was attacked, and there was a problem with the suspected of locking contracts, resulting in the stolen 17,400 ETH (about $ 62.3 million).Somaxbt disclosed that Munchables had previously issued audit reports to hire an unknown security team ENTERSOFTTEAM.The team’s account profile is “We are a highly award -winning application security company with certified white hats and hackers”, but the platform has only more than 100 followers.
After analysis of Zachxbt, the four different developers hired by the Munchables team may be the same person.But on the same day, the Munchables attacker returned 17,000 ETH, which made the community puzzled.
All in all, in the encryption world, security is always a red line. No matter how much financing is obtained, ensuring the security of user funds is a must for a good project.
