Hundreds of millions of dollars in Ethereum cryptocurrency yesterday were frozen through a terrible technical bug, and it happened after a regular user mistakenly exploited a vulnerability in the popular digital wallet service Ethereum, freezing funds and taking out thousands of users, who use multiple wallets. Signatures created after July 20 are out of their accounts.
According to the researcher, there is no current way to transfer that money to alternative wallets, and that the total amount of the frozen funds is between 150 and 280 million dollars, and many digital currency enthusiasts have rushed to social media platforms to get answers from Parity Technologies, the company responsible for the wallet. Affected, but apparently they did not get a definitive answer.
Ethereum co-founder Vitalik Buterin, earlier in the day, posted a tweet on his Twitter account in which he explained his deliberate refusal to comment on wallet problems, and expressed his support for those who are working hard on writing simpler and safer digital wallet contracts or officially checking and verifying the security of the wallet, Parity Technologies has confirmed the problem has occurred and is currently looking into the status quo.
Many followers of the digital currency community indicated that Ethereum does not have the ability to intervene regarding the weaknesses caused by third-party companies with no direct relationships with the organization, and it has been more than 20 hours since Parity Technologies published its words, and it seems that there are no Easy solutions to restart damaged wallets again.
Many users are looking to activate EIP 156, the proposed emergency recovery protocol for recovering frozen funds written by Buterin himself, and its activation requires minor changes to be made before its implementation is forgotten. The most worrying part is that the use of the means proposed by the community may harm the stability of the platform as a whole.
It should be noted that this is not the first time that Ethereum has resorted to implementing dangerous solutions in order to fix huge errors on the platform, as Buterin agreed in 2016 to implement a difficult solution in order to recover the stolen funds from the independent, decentralized digital ICO, and the knowledge within The DAO cryptocurrency community.