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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

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