Dear Percent community,
We have to inform you that some of our money markets experienced an issue that can result in permanent locking of user funds.
— Due to an error in the interest rate model update, which we conducted earlier today, the USDC, WBTC, and ETH markets are frozen. You cannot supply, borrow, repay or withdraw from them at the moment.
— The net funds in these markets (supply — borrow) are locked in the contracts.
— The amount locked is: 446k USDC + 28 WBTC + 313 ETH.
Total about $966k at current market prices, approximately 50% of which belongs to community mod team wallets.
Other money markets are currently operational. Please repay any outstanding loans and withdraw. Please do not borrow in any markets.
We have already reached out to the Compound team and they have confirmed our assessment that USDC, WBTC and ETH may be locked.
We are going to reach out to Circle/Coinbase and BitGo to help release those funds.
Unfortunately, it seems the locked ETH may be irretrievable, but we are currently working on potential scenarios to make affected users whole.
Please reach out to @community mod directly or publicly via Discord if you were affected. Attached you will find the list of addresses that were affected.