I just started playing electric lead and I find that when I release bent strings the open strings sound. Is this a problem for anyone else? I have researched a lot on this topic but cannot find anything that is comfortable for me. What kind of muting techniques do you use? Any help would be very much appreciated.

P.S. Some people suggest muting with the other fingers on your fretting hand but you can't do that with 3-fingered bends.
I mute with both hands. Which one just depends on position and the riff.
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Kristoff162 Proper muting and dampening is what separates great guitar players from amateurs. You need to use everything - left hand and the right hand - the palm of your right hand and fingers - check out Eric Johnson's instructional video - he has a section where he discusses dampening and it is very helpful.
So let's say you bend the b string on the 12th fret up a whole tone (so that you also push into the g string), as you move back down you're actually releasing the g string to play an open G.

The best advice is to do what I said above, but do it really, really slowly. You'll be able to see/feel what is best for you to mute that g string. As mentioned above, for some people it's easier to use the fretting hand, others the picking hand. Ideally you'd get to a point where you can use both, but you'll always favour one over the other.

I personally prefer to primarily mute with my picking hand. I do this by synchronizing my left and my right hand movements. As my left hand pushes the strings upwards my picking hand moves in tandem with it, muting the g string. As the bend is released my picking hand follows it back down, muting the g string the entire way again. Repeat it often enough it becomes second nature and then speed follows not too long after.

Getting used to muting with your picking hand and remaining 'locked' to the bridge but with enough freedom of movement is really where you'll start to see some major gains. A lot of focus is placed on the fretting hand all of the time and people forget that the picking hand is 50% of what's making the sound. Have a watch of this video and you'll see a pretty cool technique being broken down and examined, and pay attention to the picking hand and how emphasis is placed on that over the fretting hand:

You'll find plenty of other cool stuff on this YouTube channel too, so go nuts!
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I recommend (Assume your bending the G string) that you mute B and e with your fretting hand and E, A, D, and maybe G with your picking hand. Either that or your letting go of the string you are bending.