Lido Faces Over $24 Million Withdrawal Block Due to Solana Staking Service Bug

Lido Faces Over $24 Million Withdrawal Block Due to Solana Staking Service Bug

Lido Faces Over $24 Million Withdrawal Block Due to Solana Staking Service Bug

A glitch in the smart contract for Lido‘s now-discontinued Solana staking service is reportedly blocking users from accessing over $24 million in digital assets. Lido has pinpointed the issue to complications arising from a maintainer bot and adjustments to Solana’s staking account policies on rent exemption.

Lido Faces Over $24 Million Withdrawal Block Due to Solana Staking Service Bug

The service, which ceased operations in mid-October 2023, is facing a blockade preventing the withdrawal of 112,495.91 stSOL tokens, equating to approximately $24.4 million. Lido, operating as a decentralized autonomous organization (DAO), had previously halted the service due to financial unviability and minimal fee income, following a community vote where 92.7% favored discontinuation over financial support.

On April 3, Lido addressed the withdrawal issue, attributing it to recent changes affecting Solana staking accounts and a malfunctioning maintainer bot. The organization noted that the P2P Validator team has since identified and provided a solution, accompanied by comprehensive guidelines to facilitate a straightforward withdrawal process.

Lido has released a guide detailing the manual withdrawal procedure through a command-line interface (CLI) and urged users needing further assistance to reach out via their Discord channel.

Despite these measures, the proposed CLI method for withdrawal has faced criticism from users on Discord for its complexity. There are suggestions for simpler withdrawal avenues, such as converting stSOL into SOL or other types of liquidity staking tokens.

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