Ethereum, 260 million dollars inaccessible to their owners

Ethereum, 260 million dollars inaccessible to their owners !!

1 million Ether, or about $ 260 million, are no longer available to their holders.

This took place on Monday, when a user of Parity Technologies services, which is a cryptocurrency management company, locked all wallets created after July 20, 2017!

The consequences: 1 million Aether can not be exchanged, any transaction is impossible and the lucky owners can not have access to their currency!

What was the security of Parity Technologies?

The particularity of Parity is to allow multi-signature wallets, which means that several people can control the bank movements of the same wallet Ether.

“One person took control of an intelligent contract on which the affected contracts depended, before destroying it.”

This was explained by Clément Lesaege, CTO of Klero, a startup of Blockchain Ethereum.

“Hard to determine if it’s an accident. The manager claims not to have a thorough knowledge of Ethereum. He expressed the problem by expressing his fears of being confronted with justice, and he did not even win any Ether “, he added.

The company Party, it specifies: “the funds are frozen and can not be moved anywhere”.

Drop of Ethereum

On Tuesday, Ethereum’s crypto currencies lost 4% and this event risks losing confidence in the Blockchain Ethereum and its developers.

Party had already suffered a cyberattack in July or had been stolen 31.7 million dollars to its customers.

“This incident is a reminder of the need to secure the contracts recorded on the Ethereum blockchain: a code review, audits and the implementation of bug bounty programs, to reward anyone who finds a vulnerability.” Added Clément Lesaege.

The services of Blockchain Ethereum are secure but may also have vulnerabilities and are not immune to piracy.

Ethereum is a value highly appreciated by connoisseurs, with a valuation exceeding 28 billion dollars. That of Bitcoin being about 125 billion dollars.

Vitalik Buterin, the co-founder of Ethereum, did not comment on this event, but is still opposed to changing the Ethereum code.