Percent Finance announces $1 million frozen

• Percent Finance announces that one million dollars worth of funds is frozen in smart contracts.
• A blog post by the companies development team explained how some of the company’s customers’ money is frozen forever due to a system error.
• The one million frozen by the organization consists of 313 Ethereum, 446k USDC, 28 WBTC which means the total amount of value frozen is $996,000.

Percent Finance announces $1 million frozen

Percent Finance announces that one million dollars worth of funds is frozen in smart contracts. A blog post by the companies development team explained how some of the organization’s customers’ money is frozen forever due to a system error.

The one million frozen by the company consists of 313 Ethereum, 446k USDC, 28 WBTC. The total amount of value frozen is $996,000. The blog described how the error came from an update that has frozen Percent Finance’s markets across the USDC, ETH, and WBTC.

Percent Finance’s clients are no longer able to withdraw, repay, supply, or borrow their funds. The team said that they would try and do all they could to rectify the situation.

Percent Finance explained how they had gone to the Compound team to verify that their ETH, USDC, and WBTC were stuck, and no one could access their funds. The organization explained that they would also inquire from Circle, Coinbase, and BitGo to see if they could assist in getting funds.

The blog post came after a Twitter thread was sent out that had to detail what happened. In the thread, it was clear that the issue at hand was a new vs. old one.

The update did not respond well to the more mature system of CToken as these were the ones that wound up frozen. The new interest model that the team used to update their software did not work with the older CToken code.