3,050 ETH Laundered Today From Parity Multi-signature Wallet With 83,017 ETH Remain Under Hacker Control, Detects Cyvers Alerts
In Brief
Cyvers Alerts monitored the actions of a hacker who was involved in a security incident with the Parity multi-signature wallet in 2017.
Real-time security alerts platform Cyvers Alerts reported that it monitored the actions of a hacker who was involved in a security incident with the Parity multi-signature wallet in 2017. Today, it has been observed that the hacker utilized multiple merged addresses to launder 3,050 ETH, equivalent to $9 million, through the automatic cryptocurrency exchange eXch.
The individual responsible for this theft has displayed notable patience, marking a significant milestone in the history of cryptocurrency. However, the hacker still maintains control over a substantial sum of 83,017 ETH, totaling $246.6 million.
Parity is a multi-signature wallet developed by Parity Technologies, the company that is heavily involved in the development of the Polkadot blockchain and Ethereum’s Parity client. These wallets represent smart contracts specifically crafted to oversee cryptocurrency assets through the collective agreement of multiple wallet owners. Typically, they enable the establishment of daily withdrawal limits, voting mechanisms for withdrawals, ownership changes, and other functionalities.
The initial incident stemmed from a bug identified in a particular multi-signature contract named wallet.sol. Parity classified the severity of the bug as “critical” in its public statements, advising “any user with funds in a multi-sig wallet” to transfer their funds to a secure address. Subsequently, the problem was addressed, with white hat hackers managing to recover 377,000 ETH that were potentially at risk due to the issue.
Victims of Parity Wallet Hack Jointly Request Return Of Funds
A vulnerability within that software allowed the attacker to potentially divert millions of funds from the three particular projects, encompassing Aeternity, which functions as a smart contracts startup, gaming project Edgeless, and decentralized e-commerce initiative Swarm City.
Recently, the victims have extended an offer of amnesty to the hacker, requesting the return of nearly all the funds to a specific wallet address as outlined in a group post on the Medium blog.
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