News

$22M Frozen After Botched Proxy Upgrade Silences Presale Project

In a classic case of “too tired to read the docs,” a presale project locked up over $22 million worth of POL tokens after a critical proxy upgrade failed - leaving user funds permanently inaccessible.

The Incident: When “Bruce Lee” Locked Himself Out

In the early hours of September 13, a user named Bruce Lee shocked the Ethereum Security Telegram community with this message:

"My contract funds cannot be withdrawn. About 22m POL locked."

Contrary to the legendary Bruce Lee’s philosophy of fluid adaptation, this developer’s proxy contract became rigid and frozen, unable to execute upgrades or unlock funds. The culprit? An incorrect implementation contract was set during a proxy upgrade, wiping out admin and upgrade roles, locking the contract in place.

Think of it like the hero in a martial arts movie forgetting all his moves at the worst possible moment - except this error cost millions.

The Fallout: Frozen Funds, No Recovery Plan

The affected contract held over $77 million POL from presale participants, now trapped behind an unchangeable “Fundpool (Proxy)” address.
The project behind the disaster remains anonymous, with no public statements, no updates, and no roadmap to fix the issue.
Ethereum security experts suspect the previous developer, blamed by the current operator, botched the upgrade while “too tired.”
Telegram chatter quickly turned mocking, calling it one of 2025’s most expensive mistakes, with some joking about launching a memecoin to recover the loss.

Speculation and Mystery: Rug or Accident?

Security researchers like Zilayo note that the project’s minimal activity and refusal to communicate fuel suspicions:

Was this a simple error from exhaustion?
Or a deliberate scheme where user funds were never intended to be accessible, now stuck “locked behind unbreakable smart contract glass”?

Either way, presale investors are likely unaware their funds are frozen forever, with no tokens or refunds in sight.

What We Know So Far

The upgrade failure wiped critical permissions, halting any change.
Over $20M in POL is effectively lost.
The proxy contract is publicly visible but untouchable.
Attempts to identify the project behind the fiasco remain inconclusive.

Final Thoughts

This episode reminds us how dangerous neglecting proper upgrade procedures can be – especially under fatigue. It’s a harsh lesson in the importance of thorough testing, clear documentation, and cautious administration in smart contract development.

If you have info about this case or the project involved, the community would greatly appreciate your input.