Huat Zai Posted October 15, 2022 Share Posted October 15, 2022 Big Oopsie Staff at decentralized finance platform OptiFi must be having a really bad day. Why? The company says a coding error accidentally — and permanently — shut the entire Solana blockchain-based platform down, wiping out $661,000 worth of a 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." Close Program It's a massive and expensive oversight — possibly the first of its kind, as CoinDesk points out — that perfectly illustrates the risks of carrying out financial transactions without any intermediary authorities. On August 29, the company says one of its developers was trying to update the program on the Solana blockchain and accidentally used a command that shutting the whole thing down in one fell swoop. That means over half a million dollars worth of USDC are now "not recoverable at the moment of writing," according to the blog post. In other words, it's the worst case scenario for a company like OptiFi. "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." Don't Rush The company has some words of advice. "Please don't rush like what we did, especially for DeFi projects," the company wrote. In short, this kind of reads like a massive self-own. https://futurism.com/the-byte/crypto-dev-command-company 3 Link to comment Share on other sites More sharing options...
Huat Zai Posted October 15, 2022 Author Share Posted October 15, 2022 2 Link to comment Share on other sites More sharing options...
socrates469bc Posted October 15, 2022 Share Posted October 15, 2022 (edited) until now limpeh still dont see where is the intrinsic value of digital assets. wahahahahahahahahahahahaha Edited October 15, 2022 by socrates469bc 3 Link to comment Share on other sites More sharing options...
Huat Zai Posted October 15, 2022 Author Share Posted October 15, 2022 1 minute ago, socrates469bc said: It's not nice to call out someone's con job oh~ 2 Link to comment Share on other sites More sharing options...
socrates469bc Posted October 15, 2022 Share Posted October 15, 2022 (edited) 13 minutes ago, Huat Zai said: It's not nice to call out someone's con job oh~ limpeh call it 'high tech' money games. and no one can do it better than these bolehsians. wahahahahahahahahaha Edited October 15, 2022 by socrates469bc 2 Link to comment Share on other sites More sharing options...
meng.huat Posted October 15, 2022 Share Posted October 15, 2022 1 hour ago, socrates469bc said: limpeh call it 'high tech' money games. and no one can do it better than these bolehsians. wahahahahahahahahaha its happening in SG now... some low standard people posting about living high life... earning passive income... FX trading... bot traders... copy trading.... 2 Link to comment Share on other sites More sharing options...
Homelander Posted October 15, 2022 Share Posted October 15, 2022 They don't have risk management, internal audit? No maker checker meh? 2 Link to comment Share on other sites More sharing options...
socrates469bc Posted October 15, 2022 Share Posted October 15, 2022 7 hours ago, meng.huat said: its happening in SG now... some low standard people posting about living high life... earning passive income... FX trading... bot traders... copy trading.... thats why limpeh can never understand why so many kgks believe in this csb and getting rich via property investments. theres a reason why limpeh never invest in properties for rental. wahahahahahahahaha Link to comment Share on other sites More sharing options...
socrates469bc Posted October 15, 2022 Share Posted October 15, 2022 5 hours ago, Homelander said: They don't have risk management, internal audit? No maker checker meh? how u do mtm or var if there is no underlying value to the asset?????? wahahahahahahahaha Link to comment Share on other sites More sharing options...
XianGe Posted October 15, 2022 Share Posted October 15, 2022 Cheaper faster better 2 Link to comment Share on other sites More sharing options...
aaur4man Posted October 16, 2022 Share Posted October 16, 2022 even more kumgong than @HarrisY1 3 Link to comment Share on other sites More sharing options...
Bigbird Posted October 17, 2022 Share Posted October 17, 2022 From Hardware, software to vaporware! 1 Link to comment Share on other sites More sharing options...
socrates469bc Posted October 18, 2022 Share Posted October 18, 2022 12 hours ago, Bigbird said: From Hardware, software to vaporware! vaporware is very profitable biz. wahahahahahahahaha Link to comment Share on other sites More sharing options...
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