Economy

A major vulnerability has frozen hundreds of millions of dollars of Ethereum

The wallet in question is called Parity, and the company behind it, Parity Technologies, says that the vulnerability has been present in the code since July 20, but it was only discovered after it was accidentally triggered this week.

Following the fix for the original multi-sig issue that had been exploited on 19th of July (function visibility), a new version of the Parity Wallet library contract was deployed on 20th of July.

Affected users: Users with assets in a multi-sig wallet created in Parity Wallet that was deployed after 20th July.

By calling a function from within Parity's wallet library, a wallet owner could turn a normal single-owner wallet created with Parity's wallet contract library code into a multi-signature wallet and take over ownership of it.

Devops199 then "suicided" the contract for the wallet, Parity said, rendering all multi-sig contracts unusuable "since their logic (any state-modifying function) was inside the library [that was wiped out]" for the wallet.

As a result, 1 million ETH have become frozen in wallets-roughly $280 million (US) worth of digital currency.

A vulnerability found in a Parity Technologies wallet has resulted in hundreds of millions of dollars in ether being frozen.

To put that in more simple terms, the code library was a type of smart contract that facilitated transactions and balance holdings for users. Potentially dozens of companies that have either undertaken an initial coin offering or are in the process of raising funding that way are also affected.

Now Parity Ethereum Wallet is in news for all wrong reasons as a technical bug has hit the wallet because of possible programming blunder that has approximately frozen 500k ETH permanently in all parity multi-signature wallet which has restricted the users of this wallet to no longer use their ether, this might affect Ethereum and damage its reputation which claimed Ethereum has been programmed without any possibility of downtime, fraud and third party interference.

The Web3 Foundation has confirmed that its account is one of those affected.

According to Parity, no funds can be moved out of the multi-signature wallets affected by the bug.

We are analysing the situation and will release an update with further details shortly.



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