Ethereum Parity Wallet Freezes Users Funds

Ethereum Parity Wallet Freezes Users Funds

Many Ethereum users on the network are finding their funds ‘frozen’ today as a serious bug in the popular parity wallet has been discovered. The security vulnerability that activated this freeze on users accounts was found by a developer going by the name of ‘devopps199’.

This issue will affect anyone who downloaded the Parity Wallet from the website after July 20th 2017, the new update to the wallet included multi-signature functionality.

Parity currently makes up around 20% of the Ethereum network, however how many are using the latest version are currently unknown and therefore how many Ethereum tokens are actually frozen is still estimates. Current estimates are that up to around $100 million in Ether could be frozen.

This isn’t the first time the Parity Wallet has been exposed to a major security flaw, earlier this year we saw $30 million stolen from users accounts, this issue was quickly resolved and the code patched up, however, with this latest development in mind Ethereum users will likely be having second thoughts about holding their Ether in Parity Wallets in the future.

Parity have made the following announcement:

“We​ ​are​ ​advising​ ​users​ ​not​ ​to​ ​deploy​ ​any​ ​further​ ​multi-sig​ ​wallets​ ​until the​ ​issue​ ​has​ ​been​ ​resolved​, ​and​ ​to​ ​not​ ​send​ ​any​ ​ether​ ​to​ ​wallets​ ​that have​ ​been​ ​deployed​ ​and​ ​are​ ​in​ ​use​ ​already.​

Parity Technologies would like to assure everyone that we are analyzing the situation, and we will release an update with further details shortly”

Not exactly reassuring, but at least funds have not been stolen, merely frozen.



Leave a Reply

Notify of