Tuesday, May 17, 2022
UniqPaid - online rewards program

Ethereum Parity Users Lose Millions in a Multi-Sig Hack

Ethereum Parity – A Vulnerability Found in the Multi-Signature Contract

Ethereum Parity on July 19, the Ethereum community was warned that version 1.5 and above of the Parity client contained a critical vulnerability in the multi-signature wallet function. Moreover, a group of “signatories” with multiple signatures managed to drain 150,000 coins from multi-sig wallets and ICO projects.

According to Parity spokesman and company founder Gavin Wood, the product of the startup, the Parity wallet version 1.5 and above, contained an error that allowed the theft of ETH worth 30 million dollars.

The vulnerability found in the Parity specific wallet system used a multi-signature contract called “wallet.sol”, and the contract was also used by several initial coin offerings (ICOs). Circulating reports suggest that three ICO projects have been compromised, including Swarm City, Aternity, and Edgeless Casino.

The Parity startup issued a security warning on its website on July 19, detailing the extent of the problem.

A vulnerability in Parity Wallet’s variant of the standard multi-sig contract has been found — Immediately move assets contained in the multi-sig wallet to a secure address.

The Mysterious Group Returns to Rescue Funds

Following this incident, a group of unknown hackers from a group that calls itself the “white hat group” took responsibility for leaking the rest of the vulnerable multi-sig wallets, leaving the crypto wallet network empty. According to the group, they recovered 377,105 ether worth about $ 85 million and said they would return the funds to the depleted accounts.

“The group has been informed of a vulnerability in a specific version of a commonly used multi-sig contract,” the hacker’s announcement said. “This vulnerability was trivial to enforce, so they took the necessary steps to drain every vulnerable multi-sig that they found as quickly as possible. Thanks to the Ethereum community for helping us find these vulnerable contracts. “

”If you have a multi-site contract that has been exhausted, please be patient. We will create another multisig for you that has the same settings as your old multisig, but with the vulnerability removed and we will return your funds there. We will use donations sent to us from DAO Rescue to pay for funds that have been compromised.”

Your opinion matters, so I invite you to comment below on the latest Ethereum wallet hacks with multiple signatures.

Also Read: Ethereum Congestion Forces Exchanges to Halt Withdrawals

More from author

Germany: An intensive care Nurse from Ulm University Clinic, charged with attempted killing of five babies

Reuters - Authorities in southwestern Germany detained an intensive care nurse on Wednesday, suspecting that she had...

Omar al-Bashir trial: Sudan’s ex-president ‘got millions from Saudis’

A detective has told a court in Sudan that former President Omar al-Bashir admitted to receiving millions...

Dark web criminal bought ‘quadrillions of Zimbabwe bank notes’

A drug dealer who used dark web marketplaces to ply his trade apparently used part of the...

Aaron Ramsey: Juventus signing relishes the Sarri way & hopes to emulate John Charles

Aaron Ramsey is relishing the prospect of playing under Maurizio Sarri at Juventus after witnessing his success...


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Trends Now

How can Mobile app to ‘finds anti-cancer molecules in food’ in 2021

Mobile app 'finds anti-cancer molecules in food' A Mobile App that harnesses the unused processing power of idling mobile phones has been used to identify...

F1 Russian Grand Prix

F1 Russian Grand Prix the Formula 1 season gets underway today, 26 September F1 Russian Grand Prix: The 15th race in the Formula 1 season...

Ukraine and Russia exchange prisoners in landmark deal

Russia and Ukraine have completed a long-awaited exchange of prisoners. Those freed include 24 Ukrainian sailors and - controversially - a "person of interest"...

4 Ways To Do Sport Also On Holiday

The hotels on the Adriatic Riviera Dynamism and physical activity are the fundamental requirements of a true sporting holiday. Sport lovers are...