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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/
Previously: $300m in Cryptocurrency Accidentally Lost Forever Due to Bug
(Score: 4, Insightful) by All Your Lawn Are Belong To Us on Wednesday November 15 2017, @03:37PM (4 children)
Ethereum has value, apparently. That value is based on what? Oh, it's based on what everyone collectively assigns to it. So it's not a commodity or representative. So therefore holding it entails risk. So therefore you got nailed by an unanticipated flaw, are on the short side of the risk, and got burned. Them libertarian freedom/risk/caveat emptor values sure don't feel as well when you're on the losing side, do they?
In other words, what dumbass sinks 1 MILLION dollars into a collective dream (or some would say delusion). Yeah, all investments are dreams of sorts. But this one is the worst dot-com style throw-money-at-it-and-hope-it-will-profit wishful thinking. If the loss was significant to you, you put too much into it because it's all just an experiment, mmmkay? I'm not sure it's a pyramid scheme because it doesn't need more people involved to make it work, but it does require an ever-increasing fervor of pushing the value of it higher because...... why again?
This sig for rent.
(Score: 0) by Anonymous Coward on Wednesday November 15 2017, @04:17PM (1 child)
I think it is very funny that the fervent "fight the Man" crowd gets burned by something that "the Man" prevents (or shields one from) from happening.
(Score: 0) by Anonymous Coward on Wednesday November 15 2017, @05:40PM
of course you do, you suck-ass, Renfield POS.
(Score: 0) by Anonymous Coward on Wednesday November 15 2017, @04:19PM
Yeah no sympathy from me either.
So many people in this forum decry the insecurity of the cloud for data, yet putting your MONEY there is somehow OK?
Fools. Why on earth would you depend on algorithms with NO ACCOUNTABILITY or INSURANCE to manage your money?
(Score: 2) by legont on Wednesday November 15 2017, @06:28PM
Not true. Ether - Ethereum currency - is needed to run Ethereum distributed computer. This computer is convenient for certain useful applications. Ether is a commodity similar to electricity and the fact that it is used for exchange making it money is a side effect which may or may not be used in the future. Either way it does not make Ether useless. It is, perhaps, over (or under) valued by the market.
"Wealth is the relentless enemy of understanding" - John Kenneth Galbraith.