Follow

Cue the sad trombone 🎺

Crypto Dev Enters Wrong Command, Destroys Entire Company

A programming error accidentally — and permanently — shut down the entire Solana blockchain-based platform OptiFi, wiping out $661,000 worth of USDC.

futurism.com/the-byte/crypto-d

@lanodan
Anything that happens on the blockchain is irreversible, backups or no backups. Basically, it's a situation where all the worst code is unpatchable and preserved until its inevitable conclusion!

Not sure who thought it was a good idea to have a system like this, but they should clearly be banned from computers for life...
@ScottMortimer

@ScottMortimer Of course, no backup because it's the ✨ blockchain ✨, right ?

@l4p1n Sometimes blockchain have good features for auto-destroying. :thinknyan: @ScottMortimer

@ScottMortimer
"Code is law", so typos and bugs are not only enforced but irreversible. Given that all code has bugs and typos (especially now), I'd humbly like to suggest that creating a virtual machine that's publicly accessible for anyone to use but making everything it does permanent and wide-reaching might have been a Bad Idea...

@dheadshot @ScottMortimer
> typos and bugs are not only enforced but
...encouraged as an ultimate manifestation of "YOLO" programming paradigm.

@ScottMortimer
They're not supposed to do that until *after* the rug pull.

@ScottMortimer from the linked Coinbase article:

"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."

Programming mistakes happen, but the ratio of money they'll spend on reimbursing customers to the amount of coverage they're getting makes me very suspicious, "no such thing as bad publicity" goes to the moooooon too.

Sign in to participate in the conversation
Infosec Exchange

A Mastodon instance for info/cyber security-minded people.