{"id":31317,"date":"2020-11-05T14:33:35","date_gmt":"2020-11-05T12:33:35","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=31317"},"modified":"2025-08-28T03:03:15","modified_gmt":"2025-08-28T00:03:15","slug":"percent-finance-token-plunged-after-1m-of-user-funds-were-locked","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/percent-finance-token-plunged-after-1m-of-user-funds-were-locked\/","title":{"rendered":"Percent Finance token plunged after $1m of user funds were locked"},"content":{"rendered":"<p>The DeFi project Percent Finance, a fork of Compound, warned users about a serious issue on the platform. Against this background the price of the PCT token plunged by 87.5%.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Users funds on our platform amounting to ~$1m are stuck in money market smart contracts<\/p>\n<p>Reaching out to <a href=\"https:\/\/twitter.com\/WrappedBTC?ref_src=twsrc%5Etfw\">@WrappedBTC<\/a> and <a href=\"https:\/\/twitter.com\/circlepay?ref_src=twsrc%5Etfw\">@circlepay<\/a>\/<a href=\"https:\/\/twitter.com\/coinbase?ref_src=twsrc%5Etfw\">@coinbase<\/a> respective teams to help us make affected USDC\/WBTC holders whole<\/p>\n<p>Read Below:<a href=\"https:\/\/t.co\/63Q1DlyqVv\">https:\/\/t.co\/63Q1DlyqVv<\/a><\/p>\n<p>\u2014 Percent Finance (@PercentFinance) <a href=\"https:\/\/twitter.com\/PercentFinance\/status\/1324104920727982080?ref_src=twsrc%5Etfw\">November 4, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On Wednesday, November 4, an update to the interest-rate model took place. According to the developers, due to a bug the USDC, WBTC and ETH markets were frozen. The message notes that the issue could lead to permanent locking of user assets.<\/p>\n<p>The amount of funds locked in the contracts is estimated at $966,000 (446,000 USDC, 28 WBTC and 313 ETH). The Percent Finance team has sought help from the issuers of USDC (Circle and Coinbase) and WBTC (BitGo) to unfreeze the funds.<\/p>\n<p>The developers warned that restoring around $125,000 of ETH will probably be impossible. They asked users to repay existing loans and withdraw their cryptocurrency.<\/p>\n<p>According to <a href=\"https:\/\/www.coingecko.com\/ru\/\u041a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442\u044b\/percent\/usd#panel\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">CoinGecko<\/a>, PCT began the fall on November 4 from a high of $0.14. At the time of writing the token is trading at $0.016.<\/p>\n<div id=\"attachment_115474\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-115474\" class=\"size-large wp-image-115474\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-341-1024x393.png\" alt=\"\u0422\u043e\u043a\u0435\u043d Percent Finance \u043e\u0431\u0432\u0430\u043b\u0438\u043b\u0441\u044f \u043f\u043e\u0441\u043b\u0435 \u0431\u043b\u043e\u043a\u0438\u0440\u043e\u0432\u043a\u0438 $1 \u043c\u043b\u043d \u043f\u043e\u043b\u044c\u0437\u043e\u0432\u0430\u0442\u0435\u043b\u044c\u0441\u043a\u0438\u0445 \u0441\u0440\u0435\u0434\u0441\u0442\u0432\" width=\"1024\" height=\"393\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-341-1024x393.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/1-341-300x115.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/1-341-768x295.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/1-341.png 1221w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p id=\"caption-attachment-115474\" class=\"wp-caption-text\">Data: CoinGecko.<\/p>\n<\/div>\n<p>As a reminder, on October 30, leading DeFi tokens <a href=\"https:\/\/u1f987.com\/en\/news\/yearn-finance-token-fell-below-10000-amid-slowdown-in-defi-activity\">reached new lows<\/a> amid waning activity in the sector. Among them was yEarn Finance (YFI), whose price briefly dipped below $9,900.<\/p>\n<p>Subscribe to ForkLog&#8217;s <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"> YouTube<\/a> channel!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The DeFi project Percent Finance, a fork of Compound, warned users about a serious issue on the platform. Against this background, the PCT token plunged by 87.5%.<\/p>\n","protected":false},"author":1,"featured_media":31318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,596],"class_list":["post-31317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=31317"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31317\/revisions"}],"predecessor-version":[{"id":31319,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31317\/revisions\/31319"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/31318"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=31317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=31317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=31317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}