Pac Finance: Is in contact with affected users and will set up governance contracts or time locks in the future

ChainCatcher message, regarding the "24 million dollars liquidated due to the modification of the protocol LTV parameters," Pac Finance responded on social media: "We have noticed this issue and are actively contacting affected users to develop a plan to resolve the problem. During our efforts to adjust the loan-to-value (LTV) ratio, we assigned a smart contract engineer to make the necessary modifications. However, we found that the liquidation threshold was unexpectedly changed without prior notice to our team, leading to the current issue. In the future, we will set up a governance contract or time lock to ensure that all future upgrades can be discussed in advance."

ChainCatcher previously reported, according to Cointelegraph, users of the Blast network cryptocurrency lending application Pac Finance reportedly suffered a liquidation of 24 million dollars on April 11 due to sudden parameter changes made by the developer's wallet. An official Discord administrator claimed they had notified the team about the issue. The official team has not yet issued an announcement regarding this matter.