Geist Finance: Due to the inability to recover funds confirmed by Multichain, Geist will not reopen
ChainCatcher message, Fantom's non-custodial liquidity market protocol Geist Finance tweeted, "After Multichain confirmed that the funds are unrecoverable, we announce that Geist will not reopen. Because Chainlink's oracle tracks the value of real USDC, USDT, WBTC, or ETH, they are unaware of the true value of Multichain assets. These assets are currently trading at about 22% of their actual value. Therefore, it is impossible to re-allow borrowing, as this could lead to bad debts for lenders of unaffected assets (such as MIM or FTM).""To be clear, this is not a blame on Chainlink's trading rules; Chainlink's trading rules have functioned as they should. The Multichain assets themselves have no trading rules because people expect a 1:1 exchange. No one else should be blamed besides Multichain."
