Users of decentralized finance (DeFi) app Pac Finance experienced a $24 million liquidation on April 11 due to a sudden parameter change by a developer wallet. Pac Finance is a crypto lending app running on the Blast network.

According to Blast network's blockchain data, a developer wallet called a function on Pac Finance's PoolConfigurator-Proxy contract at 01:06 UTC on April 11 and set the LTV for Renzo Reserved Ether (ezETH) to 60%.

Smart contract developer Roffet.eth stated that this parameter change caused “a large portion of ezETH leveraged farmers to liquidate.” Roffet described the parameter change as "arbitrary" because it was allegedly done without warning.

Following the liquidations, Pac Finance users took to the protocol's official Discord server to complain and demand answers. In response, team Discord moderator Bountydreams announced that they were trying to contact the team. However, they claimed that they still had not received a response as of 19:55.

This is a developing story and more information will be added as it becomes available. What are you thinking? Share your comments.#PacFinance#DeFi #Blockchain