As the duped investors see their funds being siphoned away into the abyss, a few remain optimistic about a highly unlikely scenario of getting a refund once the bear market recovers. As a result, investors are advised to do thorough research about a project and its founders before making any investment.Related: Crypto scams are down 77% — but this exploit is making a huge comebackLosses from the Multichain exploit forced lending protocol Geist Finance to shut down permanently. The latest post confirms the team does not plan to reopen lending and borrowing on Geist.1/2 After confirmation from Multichain that the funds will not be recovered, we are announcing that Geist will not reopen. Because Chainlink oracles are tracking the value of real USDC, USDT, WBTC or ETH, they are not aware of the real value of Multichain assets.— Geist Finance (@GeistFinance) July 14, 2023
A related technical complication makes it “impossible” for Geist Finance to reenable lending as doing so would result in bad debt for holders of non-Multichain coins such as Magic Internet Money (MIM) or Fantom (FTM).Magazine: Experts want to give AI human ‘souls’ so they don’t kill us all