Developers Accidentally Shut Down Protocol On This Solana Platform: Vast Amount Of Money Wasted!

wither OptiFi, a DeFi options trading protocol on the internet, announced on Tuesday that it accidentally shut down its mainnet, rendering $661,000 of user funds inaccessible.

Solana-Based OptiFi Developers Locked in Investor Coins After Executing Unknown Code

According to the team’s event report, the error occurred while trying to update the protocol’s mainnet.

The team said the update process took longer than expected, possibly due to network congestion in Solana.

As the process took a long time, the developers eventually canceled the upgrade, but this required the process to create a brokerage account.

The developers then attempted to reverse the creation of this brokerage account by closing the program. They used a command called “solana program close”. Unknown to the team, this command actually shuts down a protocol and permanently freezes its tokens.

Thus, the total locked value on the platform is $ 661,000. cryptocurrency is now inaccessible.

The team said in the incident report:

“Here it turns out that we really don’t understand the impact and risk of this shutdown command line. ‘solana program close’ is actually to permanently close the program and send the SOL tokens from the buffer account used by the program back to the recipient wallet.”

OptiFi says it has learned from the incident and will take steps to prevent the same from happening again.

The DeFi protocol has stated that it will use a “co-surveillance approach” in future contract deployments. This approach involves using at least three participants in the process to review the steps taken by the distributor to prevent future mistakes.

OptiFi also said it plans to compensate all affected users.

*Not investment advice.