Bug in Discontinued Lido Staking Service Blocks User Access to Tokens Valued at $24.4 Million

Discontinued Solana Staking Service

A suspected bug in the smart contract of Lido’s Solana staking service is reportedly preventing users from withdrawing 112,495.91 stSOL tokens, valued at $24.4 million. Lido, a decentralized autonomous organization ( DAO), discontinued the staking service in mid-October 2023.

A report said the staking service’s financial unsustainability and low fee revenue were some of the reasons why Lido ended the service more than five months ago. Before that, 92.7% of the Lido community voted in favor of discontinuing the service rather than funding it.

In an update shared on April 3, Lido acknowledged the problem, attributing it to “an issue with the maintainer bot and the recent update of rent-exempt terms for Solana staking accounts.” Lido added:

“Over the past few days, the P2P Validator team has identified a fix, which has been made available along with updated documentation for a smooth withdrawal process.”

Lido shared a document with instructions on how to manually withdraw using a command-line interface (CLI). The DAO also instructed users with questions or concerns to contact the Lido team via Discord.

However, many users on the Discord channel criticized the complicated CLI withdrawal option. Some proposed alternative withdrawal options, such as converting stSOL to SOL or other liquidity staking tokens.

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