According to PANews, Pac Finance said on the X platform that it was aware of the liquidation problem caused by the parameter modification and was contacting affected users and actively working with them to develop a plan to mitigate this problem. In order to adjust the LTV, a smart contract engineer was commissioned to make the necessary changes. However, the Pac Finance issuance liquidation threshold was accidentally changed without prior notification to the team, leading to the current problem.
In the future, Pac Finance will establish governance contracts/time locks and forums for all future upgrades to ensure that discussions are planned in advance. Earlier news, the developer of the lending application Pac Finance suddenly changed the parameters, resulting in the liquidation of $24 million in assets.
