Lido’s SOL staking protocol lost access to $24 million in user deposits due to a code bug.
Lido announced in October 2023 that it would phase out support for Solana within a few months and removed a webpage that allowed stSOL holders to redeem their tokens for SOL. When Lido removed the page in February, users still held more than 112,000 stSOL, with a market capitalization of more than $24 million. In addition to not having an easy way to withdraw funds, a newly discovered bug in the Lido smart contract also prevents stSOL holders from withdrawing their funds. Now, more than 31,000 wallets holding stSOL are in trouble.
Lido did not respond to a request for comment. (DL News)
Last October, Lido announced that it would no longer support SOL staking and would no longer support new SOL staking on October 16. Node operators would withdraw starting on November 17. Starting February 4, 2024, Lido support for the Solana frontend will end, and after that, unstaking will only be done through the command line interface (CLI). Lido stated that stSOL holders will still receive staking rewards during this period.