Warning! This DeFi Protocol Announces Closure

While the crypto sector has experienced significant positive developments recently, it should not be overlooked that unfortunate incidents have also occurred. Actions focused on Multichain have exemplified this perfectly, with a domino effect that continues. Leading lending protocol, Geist Finance, has officially announced its closure. Geist Finance Shuts Down The team behind Geist Finance, showcasing the massive losses incurred during the Multichain events, bid farewell to the industry through a social media post. The protocol was actually one of the key components of the Fantom Network and temporarily suspended all contracts on July 6. Geist Finance then made a limited comeback, only accepting withdrawal requests and repayments. Now, the recent announcement confirms that it is completely over. It appears that Geist Finance will not be able to reopen for lending and borrowing operations. Prior to the Multichain events, Geist Finance had $29 million worth of locked cryptocurrencies. Despite the contract […] The post Warning! This DeFi Protocol Announces Closure appeared first on COINTURK NEWS.