Share this article
Solana-Based DeFi Protocol OptiFi Loses $661K in Programming Blunder
The platform said it will reimburse all users' funds.
Updated May 11, 2023, 5:41 p.m. Published Aug 30, 2022, 12:26 p.m.
Make us preferred on Google
Derivatives-focused decentralized finance (DeFi) platform OptiFi accidentally closed its mainnet platform in a programming blunder, locking away $661,000 in USDC.
The Solana blockchain-powered protocol 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, according to a blog post.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The funds are irretrievable, although OptiFi said that it will return all users' deposits and settle positions manually on Friday. The estimated process time will be two weeks.
DeFi is the term used to describe financial transactions carried out on a blockchain without the use of intermediaries. There are several risks associated with DeFi that are connected to rug pulls and fraud, but this is one of the first cases where a programming error has resulted in the complete loss of customer assets.
In a tweet, OptiFi said that 95% of total value locked is from one of its team members, meaning that customer asset may equate to only $33,000.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Millions in crypto wealth at risk of vanishing when holders die. Here's how to protect them
Without proper planning, inherited crypto can easily be lost to delays, missing keys or fiduciaries unfamiliar with the asset class, experts warn.
What to know:
- Crypto holders can take a few steps to prevent their assets from disappearing forever when they pass away.
- Without proper planning, inherited crypto can easily be lost to probate delays, missing private keys, or fiduciaries unfamiliar with the asset class.
- Even with improved regulatory clarity, crypto adds complexity beyond what many in the advisory space are accustomed to.
Top Stories
