A decentralized cryptocurrency exchange went down after unintentionally executing a command that shut down its mainnet program and made it unrecoverable.
OptiFi informed users that its platform had come to an unceremonious end after its development team tried to update its code on Monday. According to the decentralized exchange, the program incident also locked some 660,000 USD Coin (USDC) on-chain.
OptiFi’s program has been closed by mistakes we made.
1. We accidentally closed the OptiFi mainnet program and it’s not recoverable
2. 661k USDC is locked in the PDAs, luckily 95% of the fund is from our team member
3. We will compensate for all users’ funds
— OptiFi (@OptifiLabs) August 29, 2022
The OptiFi program has been closed due to mistakes we have made.
1. We have accidentally closed the OptiFi mainnet program and it is not recoverable
2. 661,000 USDC is locked in the PDAs, luckily 95% of the fund belongs to our team member
3. We will compensate the funds of all users
OptiFi has agreed to compensate for user funds lost to the bug, while a large portion of the locked USDC was allegedly conferred by one of its team members.. The company has also urged other developers working on the Solana blockchain to beware of the ramifications of the “Solana program close” command.
In a post on Medium, the platform outlined the series of events that led to the sudden shutdown of its mainnet. It started with an attempt to deploy a code update to his Solana program.
The deployment took longer than usual due to what the team described as poor network conditions, and the command was aborted. However, a buffer address was created that SOL received that the team wanted to retrieve.
In the past, the team managed to retrieve SOL from buffer counts without using memory phrases by closing the program. Initially, the approach seemed to have worked after running the command, as the team got the SOL back, allowing them to try to deploy the program a second time.
An error message was returned stating that the program had been closed and could not be redeployed unless a new program ID was used. Conversations with a core Solana developer confirmed the team’s fears that he would not be able to redeploy the program under his old ID.
“Here it turned out that we didn’t really understand the impact and risk of this program close command line. ‘solana program close’ is actually to close the program permanently and send the SOL tokens into the buffer account used by the program. back to the recipient’s wallet.”
The OptiFi team has asked the Solana development community to explore two-step confirmation when running the ” Solana program close” function and to warn users of the results of using the command.
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