Pac Finance users experienced a shock on Thursday when an unexpected code modification led to massive financial losses, highlighting the risks of alterable software on DeFi platforms.
In the early hours of April 11, at approximately 1 am London time, an individual with entry to the admin wallet of Pac Finance initiated a code update. This action reduced the collateral liquidation threshold for the protocol.
This adjustment instantly resulted in the liquidation of collateral for numerous traders employing Pac Finance for leverage farming with Renzo’s ezETH token, culminating in losses totaling $26 million.
Source: dlnews.com
