Economy

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

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.



Like this

Latest


08 November 2017
Auburn assistant Chuck Person indicted in college basketball fraud case
Person was arrested by the Federal Bureau of Investigation in September on six counts of conspiracy and fraud. Person, a former Auburn and NBA basketball star, joined head coach Bruce Pearl's coaching staff in 2014.

08 November 2017
NY voters shoot down constitutional convention proposal
New Yorkers passed on a once-in-two-decades chance to hold a constitutional convention, voting in overwhelming numbers against it. Some oil and natural-gas interests raised concerns about a provision that exempts fossil fuel pipelines from being included.

08 November 2017
Pot tax money should ride on armored cars, California treasurer says
Banks don't want to run afoul of the federal government, forcing the marijuana industry to largely use cash. The solution to opening bank doors to marijuana businesses will be found at the federal level, Chiang said.

08 November 2017
Bigg Boss 11, November 7 Episode : Akash Dadlani Comments On Benafsha
Further, Bandgi discusses how Benafsha dresses indecently and Hina tells Luv that Akash called Benafsha stinking and unhygienic. This irked Hina and she lost her cool while Puneesh was about to raise his hand on Priyank and Luv before Bandgi took him away.

08 November 2017
Anthony Joshua afraid of fighting Deontay Wilder - Promoter Lou DiBella
Higgins labelled talk of a mid-year fight in Russian Federation against Alexander Povetkin as an "exciting and lucrative option". "I want to fight Joshua ", the 25-year-old Aucklander said on Wednesday.

08 November 2017
British retailer Marks & Spencer reports a rise in profits
The chain's shares leap as it announces plans to "reshape" its store operations further to cut costs and drive digital sales. Second-quarter clothing and homeware like-for-like sales fell 0.1 percent, having fallen 1.2 percent in the first quarter.

08 November 2017
British minister sacked over misconduct found mysteriously dead
Following his death, politicians and fellow party members paid their tributes and expressed their "shock" at the news. British media reported he had died by suicide.

08 November 2017
Election day issues reported in several counties
Because of the machine problem, a voter could pick the same candidate twice, giving them an extra vote. But Secretary of State Jon Husted said in person turnout was far below what might have been expected.

08 November 2017
Telstra to compensate 42000 customers with slow NBN
The latest revelation comes after Telstra announced in May that it would compensate 8,000 customers for the same issue. The worse thing is that several customers could not get the maximum speed of a lower-speed plan, the ACCC revealed.

08 November 2017
Thousands of workers to benefit as London Living Wage increases
The Government's national living wage, which replaced the minimum wage a year ago, is set at £7.50 for those aged 25 and over. The Living Wage Foundation also revealed that Heathrow airport will become the first Living Wage airport.



Recommended