The PercentFinance project has announced in a blog post published on Nov. 5 that just under $1 million worth of ERC-20 tokens had been locked out due to a bug.

• The team announced that an error in an update to the interest rate model resulted in the freezing of USDC, WBTC, and ETH markets
• Net funds (the difference between the available supply and borrowed funds) in these markets have been locked, and users will not be able to supply, borrow, repay or withdrawn in these markets until further notice
• Specifically, 46,000 USDC, 28 WBTC and 313 ETH have been locked, which amounts to approximately $996,000
• The technical explanation for the freezing is due to these markets using an old version of the CToken, which is incompatible with the new interest rate model
• The team has asked users to repay any outstanding loans and withdraw assets from other markets, and urged them not to borrow in any market
• They have also reached out to Coinbase and BitGo for help in releasing the locked funds; however, the 313 ETH locked may not be recovered
• Launched in October 2020, PercentFinance is a fork of Compound Finance that differentiates itself from the latter by using Chainlink’s oracles