DeFi

OptiFi Accidentally Closed The Mainnet Program, Locking 660,000 USDC Inside

OptiFi, a decentralized cryptocurrency options exchange, cut its life short after unwittingly executing a command that closed its mainnet program and made it irrecoverable.

OptiFi Accidentally Closed The Mainnet Program, Locking 660,000 USDC Inside 3

On Monday, OptiFi alerted users that its platform had come to an untimely end when its development team attempted to update its code. The software incident also locked up around 660,000 USD Coin (USDC) on-chain, according to the decentralized exchange.

OptiFi has promised to refund users for any monies lost as a result of the error, and a considerable portion of the locked-up USDC was vested by one of its team members. The business has also warned other Solana blockchain developers to consider the consequences of the “Solana program close” command.

The platform dissected the events that led to the abrupt closure of its mainnet in a Medium article. It all started with a failed effort to install an upgrade to its Solana software code.

Due to the team’s poor network quality, the deployment took longer than usual, and the command was canceled. However, a buffer address was constructed that received the SOL that the team desired to recover.

OptiFi Accidentally Closed The Mainnet Program, Locking 660,000 USDC Inside 4

Previously, the team could restore SOL from buffer accounts without using memory phrases by just stopping the software. After performing the command, the technique appeared to have worked, as the team recovered the SOL, allowing them to try to deploy the software a second time.

According to an error notice, the program had been closed and could not be redeployed unless a new program ID was provided. Discussions with a Solana core developer confirmed the team’s suspicions that the program could not be redeployed with its former ID.

“Here it turned out that we didn’t really understand the impact and risk of this closing program command line. ‘Solana program close’ is actually for closing the program permanently and sending the SOL tokens in the buffer account used by the program back to the recipient wallet.”

The OptiFi team has requested that the Solana development community investigate two-step confirmation when using the “Solana program close” function and warn users about the consequences of executing the command.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.