DeFi project Percent Finance token plummets 87% after $ 1 million was blocked in client assets Forked by Compound Finance, DeFi project Percent Finance announced an issue on its platform that "could lead to permanent blocking of user funds."

DeFi token of Percent Finance project collapses 87% after blocking $ 1 million in clients' assets

DeFi project Percent Finance, a fork of Compound Finance, announced an issue on its platform, which "can lead to irreversible blocking of user funds".

As the developers explain, an update of the interest rate calculation model took place on Wednesday, due to which the USDC, WBTC and ETH markets were frozen. "You cannot lend, borrow, pay off or withdraw assets from them at the present time," the project writes..

The volume of funds blocked in contracts is estimated at $ 966,000 (446,000 USDC + 28 WBTC + 313 ETH).

Other markets on the platform continue to function. Users are asked to repay existing loans and withdraw cryptocurrency. "Please do not take loans in any markets" - warn the developers.

Project representatives contacted the Compound team, which confirmed that the assets could be frozen. Percent Finance hopes to withdraw their withdrawal through Circle, Coinbase and BitGo, which are the issuers of the respective centralized tokens. At the same time, restore ETH, in which about $ 125,000 remains, likely, will fail, developers warn.

The Percent Token (PCT) plunged 87.5% to $ 0.017 amid this announcement, according to CoinGecko data. It has been traded on the Uniswap exchange since mid-September and peaked at about $ 28 at the start..

 

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