ADVERTISEMENT

[email protected]

  • Submit Press Release
  • Submit Guest Post
  • Write for Kryptomoney.com
Latest Crypto News
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
Latest Crypto News
No Result
View All Result
Home News

New Vulnerability in Parity Wallet Of Ethereum Freezes Millions in Tokens

Bhushan Akolkar by Bhushan Akolkar
November 8, 2017
in News
0
coinbase ethereum price crash | coinbase investigation for ethereum price crash | latest cryptocurrency news in india | latest cryptocurrency updates in india | latest ethereum news | latest ethereum price updates
0
SHARES
17
VIEWS
Share on FacebookShare on Twitter

The price of Ether tokens dropped significantly on Tuesday when a new vulnerability hit the Parity multi-sig Ethereum wallet and froze millions of dollars in funds. This is the second time in the year when such a flaw in the parity wallet has been detected. The first flaw back in July, where the Parity wallet was said to be breached and $30 million worth tokens were stolen. However, this time there is no stealing discovered, but a flaw in Parity has frozen tokens worth $150 million.

This threat has been rendered as “critical” by the developers and has paralysed all the multi-sig contracts in the Ethereum’s Parity wallet making them completely unusable. During the first time in July, when 150,000 Ether tokens were hacked, the white hat hackers on the other hand somehow managed to recover the amount by deploying a new library contract. However, a flaw was yet discovered in the new code which activated the library contract within the Parity Wallet and converted it into a regular multi-sig wallet.

While explaining the flaw, the Parity team in its blogpost said

“It would seem that issue was triggered accidentally 6th Nov 2017 02:33:47 PM +UTC and subsequently a user suicided the library-turned-into-wallet, wiping out the library code which in turn rendered all multi-sig contracts unusable since their logic (any state-modifying function) was inside the library.”

 Currently, no funds can be over out of the multi-sig wallet and $152 million worth of Ether tokens are completely frozen. Startup Polkadot who has a substantial amount of digital tokens have reported that they were unable to access their funds.

While talking to IBTimes, cryptography consultant and bitcoin developer – Peter Todd –  said :

“The security flaw really comes from the way the smart contract system is designed. All these contracts can break because they are all dependent on each other.”

 With two vulnerabilities exposed pertains to the Ethereum wallet, there are serious question to be raised on the security features of the Ethereum blockchain backing the Ethereum cryptocurrency. However, experts believe that the developing team behind Ethereum is capable to overcome such challenges and resolve these issues.

Peter Van Valkenburgh, director of research at the nonprofit Coin Center, told IBTimes:

“There is certainly a whole lot of research, and security testing and auditing, and hardening, and better practices surrounding smart contract deployment on Ethereum that need to happen. But I’m pretty optimistic that it will happen. I think it’s a very vibrant community with some very talented people working on these problems.”

 In a word regarding the latest expose of this vulnerability, a Parity spokeswomen told IBTimes :

“This is a learning opportunity, albeit a painful one, for our company for our collaborators and the community that stands with us. And we have to continue to work together to establish the processes and practices needed.”

Get latest Cryptocurrency news and updates on KryptoMoney.com

 

 

Tags: ethereumEthereum News
Previous Post

"Buy Bitcoin" Google Searches Exceeds Than "Buy Gold"

Next Post

The Sudden Surge in Price of Ethereum Classic (ETC)

Next Post
ethereum classic price | ethereum classic news | latest cryptocurrency news | latest cryptocurrency price updates

The Sudden Surge in Price of Ethereum Classic (ETC)

Recent Stories

Ripple (XRP) Is Now the Fifth-Largest Cryptocurrency As Polkadot, Chainlink, AAVE Explode to Fresh Highs

Ripple (XRP) Is Now the Fifth-Largest Cryptocurrency As Polkadot, Chainlink, AAVE Explode to Fresh Highs

January 16, 2021
Cardano Price Analysis: Bulls Drive ADA/USD Price Past $0.37, Cardano Wants To Help Twitter Decentralize Social Media

Cardano Price Analysis: Bulls Drive ADA/USD Price Past $0.37, Cardano Wants To Help Twitter Decentralize Social Media

January 16, 2021
Is an Altseason Coming? Chainlink (LINK) Hits New Record Highs of $21.40, Polkadot & Cosmos (ATOM) Surge

Is an Altseason Coming? Chainlink (LINK) Hits New Record Highs of $21.40, Polkadot & Cosmos (ATOM) Surge

January 15, 2021
Quickly

Financial Advisor Introduces Petition for the UK Government to Ban Crypto Transactions

January 15, 2021
LTC Price Analysis: Steep Correction on LTC/USD From $186 High, Flare Networks Announces Litecoin Airdrop

LTC Price Analysis: Steep Correction on LTC/USD From $186 High, Flare Networks Announces Litecoin Airdrop

January 15, 2021
Bitcoin

Bitcoin Falls Below $35k Despite the Unveiling of Biden’s $1.9 Trillion Stimulus

January 15, 2021
cryptocurrencies

The Impact Of Cryptocurrencies On The Global Marketplace

January 15, 2021
What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

January 14, 2021
Trading

PayPal Crypto Trading Volume Climbed $242 In One Day

January 14, 2021
Bitcoin

Government of Pakistani Province Announces Launch of Bitcoin Mining Farms

January 14, 2021

Email Subscription

Pages

About Us

Contact Us

Disclaimer

Get Latest Cryptocurrency And Bitcoin News

Privacy Policy

Write for Kryptomoney.com

Category

Events

General

Interviews

News

Price Analysis

Press Release

Sponsored

Information

About Us

Submit Press Release

Submit Guest Post

Contact Us

Social Icons

[email protected]

©KryptoMoney 2019 | Southridge Internet Corp

No Result
View All Result
  • Resource List
  • News
  • Price Analysis
  • Events
  • Press Release
  • Sponsored

©KryptoMoney 2019 | Ess Commerce Private Limited

  • bitcoinBitcoin (BTC) $ 35,053.00 6.39%
  • ethereumEthereum (ETH) $ 1,210.58 0.03%
  • tetherTether (USDT) $ 1.00 0.68%
  • bitcoin-cashBitcoin Cash (BCH) $ 477.06 4.33%
  • binancecoinBinance Coin (BNB) $ 41.95 2.02%
Our websites require cookies enabled to provide you with an uninterrupted experience. Please continue without changing your setting to receive important notifications.I Agree