According to recent reports, staff at decentralized finance platform, OptiFi is known to be having a really bad day, and if you are wondering why? Allow me a chance to explain. Today, the company said in a statement that a simple coding error accidentally and permanently managed to shut the entire Solana blockchain-based platform down, thus wiping out nearly 6661,000 dollars worth of stablecoin called USDC.
“We sincerely apologize for a program incident leading to the sudden closure of the OptiFi mainnet program and we could not recover it,” the company’s blog post on the blunder reads. “We will compensate all users’ funds and prevent it from happening again”, the officials said.
However, it is being said that OptiFi will be compensating all users who have lost out in the total shutdown by 2 September itself. In addition to this, users of the said platform are also requested to simply visit the company’s Discord server for further advice and ask questions they may have.
As noted in a report by CoinDesk, It’s a massive and expensive oversight, possibly the first of its kind, that perfectly illustrates the risks of carrying out financial transactions without any intermediary authorities. Apart from this, on August 29, the company says one of its developers was trying to simply update the said program on the Solana blockchain when accentually used a company which resulted in shutting down the entire company.
That means over half a million dollars worth of USDC is now “not recoverable at the moment of writing,” according to the blog post. “We immediately searched the relevant topic on Solana discord, and also asked a core dev from Solana,” the post reads, “but the answers we got are overwhelmingly indicating that we are unable to re-deploy our program to the previous program ID anymore”, it added.
Reading so far, I hope you must have gotten a fair insight into Crypto developer destroying the entire company by just entering a wrong command, and by now I believe you will be able to decide on your own whether or not you think it was the right thing to do and whether or not you think will be their next move.
In conclusion, what are your thoughts on Crypto Developer bringing down the entire company by just entering a wrong command? Do let us know in the comments area below. To know more about such reports, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!
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