Cryptocurrency
"$26 million in 'unnecessary liquidations' hit Blast-based lender Pac Finance"
Primary Source ↗Blockchain(s)
Ethereum
Incident Details
Pac Finance, a fork of the Aave lending protocol deployed on the Blast blockchain, surprised some of its users as an unannounced and unexpected code change lowered the liquidation threshold. Pac Finance said that they had asked an engineer to make changes to the smart contract, and that that person had unexpectedly decreased the threshold at which positions could be forcibly liquidated. This change resulted in $26 million being liquidated across the project.Pac Finance has said they are “actively developing a plan with [impacted users] to mitigate the issue.”
Technical Details
- Initial Attack Vector
- Software bug / unintentional loss
- Vendor / Product
- Pac Finance liquidations
Timeline
- 2024-04-12 Breach occurred
- 2024-04-12 Publicly disclosed