Moola Market Restore Solvency, Resume Deposit And Repayment Functions

Moola Market has passed a proposal to allow the protocol to restore solvency and resume deposit and repayment functionality. Users will be given an extension of time to repay or top up more collateral to avoid liquidation.

According to the official Twitter, Moola Market, the Celo eco-lending protocol, announced that the protocol’s proposal 10 has been approved by the community to restore the solvency of Moola Market, the deposit and refund functions of the protocol have been relaunched.

Moola said it would give borrowers a grace period to repay or top up collateral to avoid liquidation. MOO and cREAL have been removed from collateral, and borrowers using MOO and cREAL as collateral are required to repay before the end of the grace period.

MOO reserves have been frozen and users will not be able to deposit or lend MOO, but can withdraw after the grace period expires. The renewal period ends at 7:30 on November 3 (Beijing Time). After that, Moola’s borrowing, withdrawing and liquidation functions will be restored.

As has been fully updated in previous Coincu News articles, Moola Market was hacked on October 19, losing about $8.4 million, and was suspended from operation. The Moola team then negotiated with the attacker, and the attacker returned 93.1% of the funds to the platform.

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