A cryptocurrency project accidentally froze its customers' wallets — they will not be able to use cryptocurrency for at least a week

The cryptocurrency platform Compound Finance has accidentally blocked lending and collateral withdrawal operations in Compound Ethereum (cETH) tokens, which means that the project’s customers will not be able to use cETH for at least a week.

As it became known, the failure of Compound Finance was caused by an error in the Chainlink code. However, users still have the opportunity to pay off their debts and add collateral to existing positions to avoid liquidation.

As for Compound Finance, it is a financial marketplace where you can borrow cryptocurrencies as collateral and place them on deposits. According to the DeFiLlama analytical platform, Compound ranks 9th among DeFi platforms in terms of the amount of funds placed in the protocol.

As a reminder, OptiFi, a decentralized exchange based on the Solana blockchain, also suffered from an accidental error. The exchange lost $ 661,000 when the platform developers accidentally closed the OptiFi program during an update.