OptiFi, a decentralized options exchange, is dramatically stopped as the development team closed the mainnet and locked up funds during an attempted upgrade.
An Expensive Mistake
On August 30, the developers at OptiFi created a mistake that caused them millions of dollars. OptiFi shared on its official Twitter handle that they had accidentally shut the OptiFi mainnet program. As a result approx. $661,000 of USDC were locked.
OptiFi is a decentralized crypto exchange on Solana on which users can trade options. The team tried to upgrade the operation on August 29 however soon called off as the deployment took a lot of time. But the team quickly came to the realization that a new “buffer” account was made. And, that over 17.2 SOL (valued at about $533 at the time of writing) tokens were already transferred. To allow the retrieval of these tokens, the team tried shutting the OptiFi program. It was wired but when the team tried to redeploy, an error message showed that the program was permanently shut.
On investigation it was revealed that the command line “Solana program close” did the work. The developers were executing it as they tried retrieving the tokens. The OptiFi team was actually unaware “solana program close” could result in irretrievable and permanent closing of the program. The developers have now requested the developers to change the Solana documentation to give warning to developers of the irrevocable nature of the program close function.
The OptiFi team has revealed that the team members owned 95% of the locked funds. And all losses suffered by users will be refunded to them within two weeks. It is also interesting to note that the OptiFi AMM contest participants weren’t affected by the blunder. September 5 is the day on which the winners will be announced.
Source: https://www.thecoinrepublic.com/2022/08/31/expensive-mistake-of-solana-dex-optifi-permanently-shuts-itself-locks-up-661000/