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CivicKey not affected by Parity hack, others not so lucky

CivicKey not affected by Parity hack, others not so lucky

All You Need To Know About The Parity Multi-Signature Wallet Hack

If you’ve got Ethereum in your Parity multi-sig wallet (version 1.5 or later), then you better move them to a safe address.

Parity Technologies confirmed a breach in their system on 19th July and described the situation as ‘critical’. Ethereum also posted a security alert on its Twitter account. According to CoinMarketCap, one ether is currently valued at $213 (US dollars). The hacker stole 153,000 ETH or more, as per Etherscan.io. This roughly converts to around $32 million (US dollars). Additionally, a small quantity of the token “FUCKcoin” was also stolen. Users were immediately warned to take safety precautions and transfer their funds elsewhere. So far, this breach has not affected normal wallets. But, for the time being, keeping non-ether tokens in multi-sig wallets may be risky.

As soon as the hack was confirmed, Parity wallet users leapt to their accounts to check their funds. Vinny Lingham, CivicKey’s CEO, tweeted that luckily the company’s funds were not stored in the multi-sig wallet. Unfortunately, Edgeless Casino and Aeternity were victims of this breach along with Swarm City who also lost over 44,000 ETH.

Hack leads to a split in Ethereum blockchain

Users might remember that DAO and CoinDash were also compromised not long ago. CoinDash not only lost $10 million in the hack but also had to put an end to its ICO launch. DAO also lost $50 million in tokens and the hack lead to a split in the Ethereum blockchain.

To ensure the safety of the rest of the vulnerable accounts, White Hat Group transferred the funds to a secure wallet. As of now, they hold 377,000 ETH and 33 tokens. They also released a statement on Reddit requesting users to patiently wait while they finished their job. They said they were working on creating a new multi-sig wallet where the funds will be returned and the contract will also be updated. They also wrote, “all you will have to do is, be patient, find your new multisig address once we have finished, and it will be like nothing happened.”