In todays edition of YIYL, we head back to the so called blockchain that only works during office hours, SQLana, and their endless dumpster fires they keep creating for themselves. Right after the scandal that were 2 devs pretending to be multiple projects locking up the same coins over and over to drive TVL, and then leaving after confessing.
A so called DEX built on Solana, decided they wanted to keep liquidity locked up for all time. Lol the forced Hodl sure is a staple during this latest bear market.
OptiFi is a "decentralised" exchange on Solana that allows users to trade options.
Close program scam
The DEFI protocol developers were in the middle of deploying updates to the smart contract, sadly they were not as smart and made the error when it tried to update its program code.
Instead of a standard update, OptiFi accidentally used the "solana program close" command, resulting in the permanent closure of the platform on the mainnet.
If code is law and there is no such thing as a roll back on a blockchain then the funds are irretrievable, is it not?
OptiFi said that it will return all users' deposits and settle positions manually on Friday. The estimated process time will be two weeks. I wonder where they would be getting the funds from? Seems like a pretty expensive dev error don't you think?
All for $500 bucks
According to the reporting from the team, when they attempted to upgrade the protocol on August 29 but aborted the upgrade when the deployment took longer than expected.
Later the team realised that a new “buffer” account had indeed been created and that OptiFi had already transferred a little more than 17.2 SOL tokens to it, around $500.
The team tried closing down the OptiFi program to enable the retrieval of these tokens 17 token LOL and the maneuver worked, but one side effect was an error message indicating the program had been shut down permanently.
What's the damage?
According to reports when the contract was closed it took with it access to locking away $661,000 in USDC. Now since USDC is a centrally controlled coin, I am wondering if they can just blacklist and burn those token IDs and have circle mint them a new bunch or does circle tell them to jog on?
OptiFi said that the issue wasn't so bad because 95% of total value locked is from one of its team members, meaning that customer asset may equate to only $33,000 that would need to be sent back to the "community".
Sounds very decentralised to me.
https://twitter.com/OptifiLabs/status/1564367455220219904
- OptifiLabs
Optimising for failure
As is the case on all things shitcoin, it's just risk and stupidity added on top of one another and wrapped with a bow called innovation. Is this really the future of finance? Are people blowing up their system to save 500 dollars worth of make-believe tokens?
It's laughable how fragile these tools are as no one in shitcoin land cares about security its all a gold rush to mint your own money, clip fees, and send inflation to your account.
Failures like this are only going to continue as more greedy and lazy developers and tech enthusiasts want to get into one the game. As they compete with one another for the capital they are going to keep taking more shortcuts and leave themselves and the funds vulnerable to attacks and mistakes.
Sources:
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my fanbase
| Earn Free bitcoin & shop | Earn Free Bitcoin & shop | Claim Free Bitcoin & Shop |
|---|---|---|
 |  |  |