Accidental loss of more than $ 300 million of crypto-currencies

More than 300 million of crypto-currencies that have been lost after a series of bugs has taken place. A user has taken, by mistake, the control of hundreds of portfolios and accidentally blocked the funds. Unlike most cyber-attacks, crypto-currencies, the money has not been deliberately taken. It has been effectively lost by accident.

The portfolios of the investors were primarily made up of Ether. They usually require the intervention of several users to be able to transfer the funds. Parity has revealed that by fixing a bug that allowed the cyber-criminal to divert $ 32 million on some portfolios multi-signatures, the developer has inadvertently introduced a new fault in the system.

The user “devops199” is at the origin of the fault

The user “devops199” would have been at the origin of this bug accidentally. When they realized what they had done, they attempted to cancel the operation by deleting the code that had allowed the transfer of funds. Moreover, instead of restoring the system, this caused the blocking of all funds.

Parity indicates that it is not yet possible to withdraw funds from these portfolios. In addition, a user at the same time diverted these portfolios. Parity said that they were going to analyze the situation and will publish an update with more details soon.

The need to modify the code controlling Ethereum

According to experts, it is necessary to perform a modification in the code which control Ethereum. This change should then be adopted by the users. The risk is that some users refuse to accept this amendment.

Keroka0, Wikimedia Commons

Two years ago, another hacking took place. It was also a technology of Ethereum called DAO. This cyber-attack resulted in the theft of $ 150 million. The loss of $ 300 million following the discovery of a bug in July, which led to the theft of $ 32 million in the Ether.

Source : TheGuardian