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$26 Million Liquidated In Six Seconds as Pac Finance Unexpectedly Changes Parameter 💸 Read more: https://t.co/vcITK4UBU5 https://t.co/A3FiUJeTkR
$26 Million Liquidated In Six Seconds as Pac Finance Unexpectedly Changes Parameter The Pac Finance team said it is in touch with impacted users on developing a plan to mitigate their issues, after the developer wallet implemented a parameter change without warning that… https://t.co/W7B4D9r6IX
Founder of Aave calls out the risk of forks done by people who don't have the same in-depth knowledge the original code... saying this was what caused Pac Finance to unnecessarily liquidate $26mn of user funds yesterday. https://t.co/0zarskmWew
On April 11, Pac Finance, a decentralized finance (DeFi) app on the Blast Layer 2 protocol, experienced a sudden liquidation event, resulting in approximately $26 million worth of assets being liquidated in six seconds. This was due to an unannounced change in the loan-to-value (LTV) ratio of the ezETH pool by a developer wallet. The incident affected numerous users, with the Pac Finance team acknowledging the situation and stating they are developing a plan to mitigate the affected users' issues. Additionally, a liquidator was able to profit 244.37 ETH from the event, utilizing only the bridge for ETH transfer in and out and having only liquidation transactions in their history.
