It appears that almost $2 million worth of ETH will not be "stuck forever" on Matter Labs GemstoneIDO smart contract.
Matter Labs, the organization responsible for Ethereum's Layer-2 scaling solution zkSync, has addressed the issue of 921 Ether (ETH) being trapped in one of its recently developed smart contract, GemstoneIDO.
Despite the incident, the company reassured its users that the funds were "safe." It is worth noting that crypto, worth around $1.7 million, was collected during the Gemholic token sale.
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Matter Labs initially stated that the funds would not be "stuck forever." In a recent Twitter thread, the company reassured that it had found an "elegant solution" to "unfreeze" the GemstoneIDO contract and move the trapped funds.
According to Matter Labs, the problem arose from the .transfer() function in the GemstoneIDO smart contract, which was part of the GemholicECO ecosystem project.
Matter Labs admitted that the issue could have been avoided if the team would have first deployed the contract on a testnet.
Unfortunately, the contracts were deployed on Era mainnet without having been tried on the testnet or local node, which would have immediately caught the problem.
Some crypto community members stressed that what happened with Matter Labs is a great example that chains shouldn't be rushed to launch mainnets.
On top of that, another user added:
I'm all in for seeing Zero Knowledge tech becoming more and more relevant in the crypto space. However, these chains also have to take into consideration the fact that people's funds are at stake.
Matter Labs admitted its mistake and promised its users that it would work on solving any issues that led to this incident.
With this comes great responsibility and inevitably the occasional friction and today was one of these instances. When there are problems our team will continue to be on alert and be relentless in resolving issues.
In its Twitter thread, Matter Labs noted that its "elegant solution" will require "minimal changes in the gas metering of the protocol." At the end of its post, the company promised to keep its customers posted about the newest updates.
In other Ethereum-related news, on April 5th, Ethereum surged past $1,900 for the first time in over seven months. At the time of writing, Ether (ETH) retails for $1,882.43, recording a 0.69% decrease.
