The Parity Multisig Wallet Vulnerability

Well, it wouldn’t be a normal day in cryptocurrency if there wasn’t news of some new exploit or hack that is potentially going to cause millions of dollars in losses.

Today’s news is about the Partiy Multisig Wallet. A favorite for a lot of ICOs out there because of it’s security and ability to share the wallet amongst founders without one of them running off with all of the funds. But apparently it wasn’t the people with access to the wallet that people needed to worry about. Someone was able to breach the wallets via the library code. They haven’t announced how much was stolen yet or even if there were funds stolen (I’m guaranteeing there were). But any wallet created after July 20th is at risk. So they’re freezing everything for the time being. Which is a panic move that’s being done to stop any losses (which again reinforces the idea that there have already been massive losses). 

Currently there are probably hundreds of millions of dollars that are frozen. Which should put a MAJOR chill on the ETH market until this is resolved.

Some are even suggesting that this could result in a hard fork to help recover the lost funds. But we’ll have to wait and see.


Add a Comment