Crypto Opinions & News DeFi venture OptiFi Permanently Locks Up $661,000 in Code Snafu

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upnorth

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Jul 27, 2015
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OptiFi, a decentralized options exchange using the Solana blockchain, inadvertently disabled its mainnet service with a misunderstood command and locked up some $661,000 worth of USDC 'digital dollar' tokens.

The cryptocurrency assets cannot be recovered, OptiFi said, so the plan is to manually refund affected users. Isn't technology marvelous. "On 29th August around 0600 UTC, we had an update to our Solana program code, so our deployer tried to upgrade the OptiFi program on Solana mainnet," the crypto entity said in its postmortem analysis of the incident. "However we accidentally used the ‘solana program close’ command, resulting in our OptiFi program on mainnet being unfortunately closed. All users' funds and open positions on OptiFi locked in PDAs, $661K in total (AMM vault, user account…) and it’s not recoverable at the moment of writing."
OptiFi doesn't provide much detail about who's running things. In its documentation, the entity claims, "The core team behind OptiFi is composed of experienced entrepreneurs, including a crypto fund manager, a risk and hedging solutions expert, quant traders and seasoned Solana devs across US, Europe, and Asia." The biz neglects to actually identify any of these ostensibly experienced entrepreneurs on its website. Its founder goes by the pseudonym Pentameal and claims to have previously managed $50 million in crypto assets out of Hong Kong.

The team appears to include several individuals based in Taiwan, including Wei Han Kuo, Kyrie Huang, Tara Cheng. There may also be someone affiliated with the venture in Irvine, California.
 

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