DEX accidentally hits kill switch on mainnet, locking 660,000 USDC inside
A decentralized cryptocurrency (D choices trade reduce its personal life brief after unwittingly executing a command that closed its mainnet program and made it irrecoverable.
OptiFi knowledgeable customers that its platform had come to an unceremonious finish after its improvement staff tried to replace its code on Monday. In line with the decentralized trade, this system incident additionally locked up some 660,000 USD Coin (USDC) on-chain.
OptiFi’s program has been closed by errors we made.
TL;DR
1. We by accident closed the OptiFi mainnet program and it isn’t recoverable
2. 661k USDC is locked within the PDAs, fortunately 95% of the fund is from our staff member
3. We are going to compensate for all customers’ funds— OptiFi (@OptifiLabs) August 29, 2022
OptiFi has pledged to compensate consumer funds misplaced by the error, whereas a big bulk of the locked-up USDC was reportedly vested by one among its staff members. The corporate has additionally urged different builders engaged on the Solana blockchain to be cautious of the ramifications of the “Solana program shut” command.
In a Medium publish, the platform unpacked the collection of occasions that led to the sudden closure of its mainnet. It started with an try to deploy an replace to its Solana program code.
The deployment took longer than standard resulting from what the staff described as unhealthy community standing, and the command was canceled. Nonetheless, a buffer tackle was created that acquired SOL the staff wished to get well.
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Prior to now, the staff managed to get well SOL from buffer accounts with out utilizing reminiscence phrases by closing this system. The strategy initially seemed to have labored after executing the command, because the staff recovered the SOL, permitting them to aim to deploy this system a second time.
An error message was returned indicating that this system had been closed and couldn’t be redeployed except a brand new program ID was used. Discussions with a Solana core developer confirmed the staff’s fears that it will not be capable to redeploy this system with its earlier ID.
“Right here it turned out that we didn’t actually perceive the affect and danger of this closing program command line. ‘solana program shut’ is definitely for closing this system completely and sending the SOL tokens within the buffer account utilized by this system again to the recipient pockets.”
The OptiFi staff has referred to as for the Solana improvement group to discover two-step affirmation when operating the “Solana program shut” operate and warning customers of the outcomes of utilizing the command.
