Major Ethereum Vulnerability Revealed — And the Price Keeps Rising

A major vulnerability was revealed in the popular Ethereum wallet Parity yesterday, but the news hasn’t stopped the meteoric rise in value of the world’s second-most valuable cryptocurrency.

Parity Technologies revealed to the world that the contents of its multisig wallets could be “wiped.” The bug is the second so far in 2017 for Parity. A July bug led to the theft of 150,000 ETH, or around $30 million way back then. Today’s flaw appears to be worth the same, around $150 million.

TechCrunch noted the flaw appears based on Parity’s use of smart contracts in the wallet.

While there is no immediate risk to Ethereum holders, security experts said the flaw points to future trouble for the cryptocurrency. The price of Ethereum dropped briefly on the news, but was up more than 3% at press time, to where it sat before the bad news.

A hard fork may be required to retrieve the funds stolen yesterday, experts noted. The total market cap of Ethereum is currently $29 billion.

Read more at TechCrunch and CoinDesk

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