A newbie just killed Ethereum

[swiftcoder]

I was wondering why Ethereum was trending on Twitter.

This article explains the bad news for some Ethereum holders  https://www.cryptpool.net/ethereum-wallet-vulnerability/

[MoonIsBlue]

Yeah I read it seems like some newb killed the library or something that the multi-sig wallets rely on. 1 million ETH frozen for good.

[salterious]

Yeah I read it seems like some newb killed the library or something that the multi-sig wallets rely on. 1 million ETH frozen for good.

Lol holy %&$*& that is a lot of cheddar being stuck! What is the resolution to this then, another fork? Oh god if I thought I hated ICOs I may just hate these forks even more....its close

[MoonIsBlue]

Yeah I read it seems like some newb killed the library or something that the multi-sig wallets rely on. 1 million ETH frozen for good.

Lol holy %&$*& that is a lot of cheddar being stuck! What is the resolution to this then, another fork? Oh god if I thought I hated ICOs I may just hate these forks even more....its close

Seems like it yes

[boltz]

  daaamn , what happend ? This will get ethereum to drop so hard in the next days/weeks , time to move to ethereum classic I guess ). If this is for real then all the ethereum holders will have to suffer from that mistake.

[Maren]

Since only Parity was affected I guess king Vitalik won't bail them out. This is way bigger than the DAO though. The fallout will be real, wait till this gets into the common knowledge.

[Sanglotslongs2]

Definitively frozen ? I thought it was repairable. How such a easy bug from random address can do this damage... When you talk about bug in softwares it's something, but in crypto damn it s a bit lost of money.

[MoonIsBlue]

daaamn , what happend ? This will get ethereum to drop so hard in the next days/weeks , time to move to ethereum classic I guess ). If this is for real then all the ethereum holders will have to suffer from that mistake.

A newb turned a smart contract into a multi-sig wallet, declared ownership and suicided it destroying the library that multi-sig wallets depend on making all the ETH frozen for good.

And with newb I mean; yes, litterally a newb. Apparantly he isn't quite aware of what he did and I think he's scared because he basically just burned like 500k-800k Ethereum (100-300 million USD)

[omitusaf]

This doesn't affect myetherwallet, does it?
I think the issue will be resolved as soon as possible, but then its impact and people's trust will go very low.
E
Can ethereum classic do the same things that ethereum does - the smart contracts and all that...?

[fusepay]

This is pretty hilarious really, surely there should have been a backup somehow designed in, pretty gutted for the loss of coin though, who did these belong to?

[MoonIsBlue]

https://etherscan.io/address/0xae7168deb525862f4fee37d987a971b385b96952\

If you look at the internal transaction history of the TX you can see: kill() and other commands so its pretty obvious he was trying to do something. Someone said but can't confirm if thats what devops199 himself said that he was trying to recreate the july hack to investigate how they did it or something.

[Captain Asshole]

Another problem with eth. It's time to look closely to Waves

[swiftcoder]

Sounds like a movie with a stupid red button.

[rigel]

daaamn , what happend ? This will get ethereum to drop so hard in the next days/weeks , time to move to ethereum classic I guess ). If this is for real then all the ethereum holders will have to suffer from that mistake.

Why should ethereum classic be better than ethereum?

Same technology, same mistakes.

[rumpel_tusk]

Although this happened to Parity, this affects the whole Ethereum ecosystem. I would not be surprised if people start getting irritated with it given there have been some very high-profile attacks against the network. We may see a preferred Ethereum alternative emerge down the road, most likely Waves or Qtum. Sorry to all those hit by this.

[squatter]

Yeah I read it seems like some newb killed the library or something that the multi-sig wallets rely on. 1 million ETH frozen for good.

If you read through his posts, he is absolutely not a newb. It's someone from the Bitcoin community that studied and exploited the vulnerability. His trolling about Ethereum's lack of immutability makes it obvious.

To be honest, I stopped trusting the Parity wallet months ago due to their history of bad testing and buggy code. Trusting their multi-sig contract would have been crazy; anyone using it didn't do their due diligence.

It seems like the number of users affected is likely low, although a couple ICOs will be crushed by this. I don't think we can expect a hard fork in this case. I hope that this experience teaches people to stop trusting smart contracts in these early stages. The core protocol is sound, but it's simply too easy at this point to publish bad contracts where major losses will occur.

[rainbow169]

Maybe the dev who made the mistake just had enough dump from ICO so just turned all of those in to permanent hodlers.   the serious question is how are they going to fix this. hope it won't be a hard fork.

[TimtheYoutuber]

In regards to everyone saying ETH is going to dive because of this, how so. The coins were not stolen from my understanding, so they wont be sold they are just lost. So it should really bring the value up, unless people are afraid of this for some reason

[swiftcoder]

In regards to everyone saying ETH is going to dive because of this, how so. The coins were not stolen from my understanding, so they wont be sold they are just lost. So it should really bring the value up, unless people are afraid of this for some reason

If Ethereum is forked to fix the second Parity oversight, its a sign that Ethereum’s governance is broken

[randythered]

In regards to everyone saying ETH is going to dive because of this, how so. The coins were not stolen from my understanding, so they wont be sold they are just lost. So it should really bring the value up, unless people are afraid of this for some reason

If a central bank suddenly had many millions of their dollars disappear, people wouldn't suddenly be happy and certainly the value of their currency would not increase, people are fearful that such a thing can happen again. Same with ETH.