Parity library killed – R2 billion in Ethereum locked up

An anonymous user has exploited a bug in an Ethereum smart contract for Parity’s multi-signature cryptocurrency wallets, locking up over 500,000 Ether  worth about R2 billion.

The unknown actor sent code to the Parity contract which caused the wallet’s library function to kill itself, rendering all multi-signature wallets unusable.

In a security alert, Parity said no funds can currently be moved out of any multi-signature wallets deployed after 20 July 2017.

Parity said the incident occurred accidentally, but a developer said in the company’s Gitter channel that an attacker may have tried to use the exploit to drain wallets without realising the consequences of destroying the library.

It is unclear whether affected users will be able to recover their funds.

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Parity library killed – R2 billion in Ethereum locked up