Parity wallets hacked, $32 million in ETH stolen. Big deal or no?

[CRAM0214]

The price is dipping as we speak, but I see some people saying the hacker may actually not be stealing the ETH, and just took it hostage to get the issue resolved. Thoughts? And will this affect ETH prices in a large way short term?


Link: https://twitter.com/maraoz/status/887755889897295872

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[coinmore_org]

Another Ethereum hack? This is not even funny considering the bear market we are  already experiencing. Hopefully this does not destroy Ethereum.

[European Central Bank]

it's not an ethereum hack. it's a wallet hack. maybe the people who build stuff like this haven't caught up to how valuable it is these days.

[CRAM0214]

Looks like a white hat group managed to take $80 million in other tokens to prevent them from being stolen. So damage is limited to 30 million. Bad, but a drop in the bucket compared to ETH overall market cap.

[sui_generis]

Just shows the low quality of development in the Ethereum ecosystem. Not to worry though, VItalik will just roll back the chain.

[BitcoinGirl.Club]

the Parity wallet just has issues first it was generating existing Eth addresses at one point now $32 million in ETH stolen( multisig wallets)

boy oh boy this is a big deal in whichever way you see it!

[tiggytomb]

Not again, the amount of money that is flowing around ETH is crazy with all these ICOs same as last time it was a flaw in a third party that exposed all of these funds.  I seriously doubt they will roll back this time and if they do I guess we will see another alt possibly called ETH ultra classic 😁

Very lucky the whitehat group got there first and saved a lot of people from despair.

[Termin4tor]

The price is dipping as we speak, but I see some people saying the hacker may actually not be stealing the ETH, and just took it hostage to get the issue resolved. Thoughts? And will this affect ETH prices in a large way short term?


Link: https://twitter.com/maraoz/status/887755889897295872

Maybe this was one of the reason why eth was facing a huge dip this week. All these poorly developed wallets and the hackers behind all this is destroying the ethereum scene. Who knows how much more vulnerabilities are left open for these hackers to attack. All this really the questions the fact that holding eth in any wallet is safe or not.

[amaral1977]

3% of all ETH wouldn´t be a big deal unless ETH is hanging from thin wires. If ICO eth dumps hard enough i don´t see the bottom of the crash. LEt´s see if the companies that build their funding on ETH are true believers:)

[musicmate]

Just as we had a bit of momentum , this shit happens..   

[TrumpBump]

Good news for the Ethereum competitors I suppose.

[vv181]

is it hacked? or source code bug that caused losses of over $30 million

but eth really doesn't look healthy, it could fall to 0.08 then to 0.075

[vanluan]

Hacker address: 0xB3764761E297D6f121e79C32A65829Cd1dDb4D32
ETH Balance:   83,017.019743665 Ether
ETH USD Value:   $18,174,916.13 (@ $218.93/ETH)

[TravelMug]

Of course this is a big deal. Remember a few days ago $7 Million lost in CoinDash ICO Hack. And now Parity wallet issue. I think this will have a big influence on the price of ETH and will probably nose dive in the next hours. Hackers are now a menace to the crypto industry and will further dents  trust in crypto world in general.

[Mpamaegbu]

Now I know why I dragged funding my Ethereum account even days after downloading the wallet. It's premonition, I guess so. With all these hacks always coming Ether's way, it's going to be bad business for the coin. This will further pull the Bitcoin price up as many holders may be forced to ditch it for Bitcoin or other coins of less price. Too sad...

[richardfisk]

yes. It is a big problem and makes people no longer believe in ethereum anymore. There are many issues inside ethereum which makes investors lose their trust. Well, hope that the price will not lose too much because ethereum need to be on the second place, after bitcoin

[Mbokani]

These things keeps on repeating ,all the web wallets are vulnerable to these sort of attacks and it is basically their fault for not taking security seriously,$32 millions is a really huge amount of money and guess what the users will suffer because of these hacks.

[memequiserle]

after issue about ETH wallet hack
ETH price not big effect and not down price, ETH price still stable

[dennyd999]

I think everything will go down in price after Segwit.

ETH also will.

This bad news will affect price too.

I just will be really surprised if we will not see any fall.

 How strong they ,investors,need to love eth? To close an eyes on everything including dirty Gavin Wood  work as Parity and ETH main dev.

Also mistake he made in library call which leead to hack is sooo dumb...

[Pfizer]

it's not an ethereum hack. it's a wallet hack. maybe the people who build stuff like this haven't caught up to how valuable it is these days.

I still can't understand why they keep calling this ethereum hack. This is clearly a wallet hack and people don't see this. They think it's a bug with ethereum interestingly.

[dennyd999]

it's not an ethereum hack. it's a wallet hack. maybe the people who build stuff like this haven't caught up to how valuable it is these days.

I still can't understand why they keep calling this ethereum hack. This is clearly a wallet hack and people don't see this. They think it's a bug with ethereum interestingly.

Parity is like official ETH wallet,because the same developers are working on it. It is like  if Bitcoin Core will develope her own wallet. <the same is with Parity team.

But the hack was not on Parity but on smart contract on which multisig wallet was operated.
Multisignature wallet is smart contract between wallet and peoples evolved in contract.

Gavin Wood was made dumb mistake writing the code for this contract.
Gavin Wood is first creator of ETH.Gavin Wood is human.
Humans make mistakes.

The problem with decentralized app is that it become visible for everyone and 1 mistake will lead to money loose.

Gavin Wood will pay for this error ofc.

The price will crash after BTC rise..They cant crash it now,because  than it will be critically low on Segwit news.

[eXpl0sive]

The hacker tried to exchange the stolen ETH for other coins using the Changelly service using TOR browser. However the Changelly team have blacklisted his address.

What happens if all exchanges blacklist his address? Won't he have a nightmare cashing out his stolen ETH?

[bestluck]

it's not an ethereum hack. it's a wallet hack. maybe the people who build stuff like this haven't caught up to how valuable it is these days.

I still can't understand why they keep calling this ethereum hack. This is clearly a wallet hack and people don't see this. They think it's a bug with ethereum interestingly.

Parity is like official ETH wallet,because the same developers are working on it. It is like  if Bitcoin Core will develope her own wallet. <the same is with Parity team.

But the hack was not on Parity but on smart contract on which multisig wallet was operated.
Multisignature wallet is smart contract between wallet and peoples evolved in contract.

Gavin Wood was made dumb mistake writing the code for this contract.
Gavin Wood is first creator of ETH.Gavin Wood is human.
Humans make mistakes.

The problem with decentralized app is that it become visible for everyone and 1 mistake will lead to money loose.

Gavin Wood will pay for this error ofc.

The price will crash after BTC rise..They cant crash it now,because  than it will be critically low on Segwit news.

I second your thoughts. It’s nothing out of world that the wallets get hacked due to some human error. After all, we all commit mistakes no matter how qualified and experienced we are. So is the case with Gavin Wood. May be prices will crash after Segwit. But it would be then really heartrending for eth supporters if it is dumped too badly after the Segwit.

[guesswhat]

The hacker tried to exchange the stolen ETH for other coins using the Changelly service using TOR browser. However the Changelly team have blacklisted his address.

What happens if all exchanges blacklist his address? Won't he have a nightmare cashing out his stolen ETH?

The first time I heard this. Can't he use an ether mixer if one existed? Or he can contribute funding projects. I don't think they can ban him from all services. They will be spending those assets freely, unfortunately.

[PoorLad]

The hacker tried to exchange the stolen ETH for other coins using the Changelly service using TOR browser. However the Changelly team have blacklisted his address.

What happens if all exchanges blacklist his address? Won't he have a nightmare cashing out his stolen ETH?

The first time I heard this. Can't he use an ether mixer if one existed? Or he can contribute funding projects. I don't think they can ban him from all services. They will be spending those assets freely, unfortunately.

Even if I dont like what the hacker did, it is a good thing that the community cant block out his address. It would be kinda backwards to what it stands for

[solve_it]

Hi guys, this video has a good overview of what happened:

https://www.youtube.com/watch?v=mU-mAEzOljI