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Parity's $280m Ethereum Wallet Freeze Was No Accident Claims Startup

posted by takyon on Wednesday November 15 2017, @02:12AM   Printer-friendly
from the vanishing-act dept.

MrPlow writes:

Submitted via IRC for SoyCow1984

A crypto-currency collector who was locked out of his $1m Ethereum multi-signature wallet this week by a catastrophic bug in Parity's software has claimed the blunder was not an accident – it was "deliberate and fraudulent."

On Tuesday, Parity confessed all of its multi-signature Ethereum wallets – which each require multiple people to sign-off transactions – created since July 20 were "accidentally" frozen, quite possibly permanently locking folks out of their cyber-cash collections. The digital money stores contained an estimated $280m of Ethereum; 1 ETH coin is worth about $304 right now. The wallet developer blamed a single user who, apparently, inadvertently triggered a software flaw that brought the shutters down on roughly 70 crypto-purses worldwide.

[...] Cappasity has alleged the wallet freeze was no accident: someone deliberately triggered the mass lock down, we're told, and there's evidence to prove it. By studying devops199's attempts to extract and change ownership of ARToken's and Polkadot's smart contracts, it appears the user was maliciously poking around, eventually triggering the catastrophic bug in Parity's software. "Our internal investigation has demonstrated that the actions on the part of devops199 were deliberate," said Cappasity's founder Kosta Popov in a statement this week.

Source: https://www.theregister.co.uk/2017/11/10/parity_280m_ethereum_wallet_lockdown_hack/

Ethereum.

Previously: $300m in Cryptocurrency Accidentally Lost Forever Due to Bug

Original Submission

 
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  • (Score: 0) by Anonymous Coward on Wednesday November 15 2017, @02:31AM (1 child)

    by Anonymous Coward on Wednesday November 15 2017, @02:31AM (#597106)

    There is no intrinsic value to diamond and gold. At least they have some industrial use. You think the US dollar, backed by the US Fed, is a fiat bullshit, what does bitcoin/etc. has to offer?

    Talk about a pyramid scheme.

    Come to think of it, Uber and bitcoin should bang up each other.

  • (Score: 4, Touché) by All Your Lawn Are Belong To Us on Wednesday November 15 2017, @03:28PM

    by All Your Lawn Are Belong To Us (6553) on Wednesday November 15 2017, @03:28PM (#597304) Journal

    Uh, what?

    There *is* an intrinsic value to diamond and gold. You can *do* things with them, not just look at them, therefore no matter how high (or low) the prices go they have tangible value that can't be taken away.

    You're welcome.

    --
    This sig for rent.