A glitch in the smart contract of the Lido liquid-staking platform has unintentionally trapped around $24 million worth of tokenized staked Solana (stSOL). The incident has impacted the Lido on Solana service, which had discontinued its 5% yield on staked Solana due to financial concerns and low fees. After removing an easy unstaking option, users had to navigate the complexities of the Solana command line interface (CLI) for unstaking their tokens. Many users faced difficulties with this process, leading to frustrations expressed on Lido's Discord channel in March. Data from Solana scan shows that $24 million in stSOL is still held by 31,588 holders. Users reported errors despite following Lido's guidelines, including failed attempts to unstake stSOL. Pavel Pavlov, a product manager at P2P Validator, revealed that the withdrawal issue was due to a smart contract malfunction, specifically related to Rent-Exempt Split logic's modification. While P2P was unable to directly fix the problem, efforts were made to adjust the smart contract with input from the Lido DAO. Updates from Pavlov noted progress in deploying an updated maintainer bot for CLI withdrawals and providing a user guide. Despite ongoing challenges in addressing the smart contract issue, work continues on finding alternative solutions with no set timeline for resolution. Some community members suggested utilizing Sanctum or Jupiter for converting stSOL into SOL or other liquid staking tokens. As of now, Lido Finance has not issued a statement on the matter. For crypto press release submissions, contact sales@cryptointelligence.co.uk.
Smart Contract Flaw Locks $24 Million in Staked Solana on Lido Platform

by Giorgi Kostiuk
2 years ago

Other news
CryptoQuant Founder Analyzes Bitcoin Market Dynamics

Ki Young Ju, the founder of CryptoQuant, analyzes Bitcoin's market dynamics, stating it is not pumpable due to the divergence between Market Cap and Realized Cap.

EU Moves to Sanction Russian Crypto Transactions

The European Commission is taking steps to prohibit all crypto transactions with Russia to prevent sanctions evasion.

Binance Records Largest Ethereum Withdrawals Since August 2022

On February 5, 2023, Binance experienced significant Ethereum withdrawals, with daily net outflows reaching approximately 158,000 ETH, marking the largest withdrawal event since August 2022.

Critical Support Zone for Bitcoin Emerges Amid Market Decline

Critical support zone for Bitcoin emerges amid market decline, indicating potential bearish phase.

Cango's Strategic Shift to AI Computing

Cango is making a strategic pivot into AI computing while continuing its Bitcoin mining operations.

Micron MU Stock Declines Amid Samsung Competition

Micron MU stock has declined due to increased competition from Samsung, which is starting large-scale HBM4 chip production this month.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter