Pac Finance suddenly changes parameters, causing $24 million to be liquidated

According to Cointelegraph, users of Pac Finance, a Blast network cryptocurrency lending application, reportedly suffered a liquidation of $24 million on April 11 due to a sudden change in parameters in the developer's wallet. The official Discord administrator claimed they have informed the team about the issue. The official announcement regarding this matter has not yet been released. Pac Finance allows cryptocurrency holders to deposit funds and earn interest through lending capital. To ensure repayment, the application only allows borrowers to lend a certain percentage of the collateral value, known as the "loan-to-value ratio" (LTV). LTV can be changed by the development team, but is typically only implemented after an announcement. According to blockchain data from the Blast network, on April 11 at 1:06 AM UTC, the Pac Finance developer's wallet called a function on its PoolConfigurator-Proxy contract, setting the LTV for ezETH to 60%.