• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
cappasity

Parity Hack And Impact On Ethereum Blockchain

newsbtc by newsbtc
5 years ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

In November 7, a vulnerability in the Parity wallet contract was found. Parity wallets that were created after July 29 were frozen and hence inaccessible. According to Parity Technologies, a total of 573 wallets have been affected and the total balance is still unknown. This attack on Parity took place 5 months after another similar attack in July 2017. What is surprising is that Parity still has not audited the smart contract even after the first attack in July which is the usually the norm in the blockchain community.

According to Motherboard, Parity, the digital wallet company knew about the flaw since August but did not address the issue. This causes a lot of concern about the irresponsible nature of the Parity team. The Parity platform is built on the Ethereum blockchain and this hack may cause the Ethereum foundation to lose its competence. The co founder of Ethereum, Vitalik Buterin, posted a tweet distancing himself from the Parity hack.

Response from Parity

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Since the November 7th hack, parties involved with the Parity network have termed the incident as an accident and not giving it the seriousness it deserves. On November 13th, the network’s team sent out a message to the stakeholders not to believe what is being said out there about the hack and that the team was doing all it can to unfreeze the funds. They are terming the hack as just a mere speculation when there is actually evidence that the actions of devops199 — the hacker, were actually intentional. According to a post on Medium, the hack was deliberate and the hacker was not an inexperienced guy, but someone with in-depth knowledge in Ethereum.

Effects of the Hack

Only Parity Technologies will be able to access the databases and determine how much is at stake after more than 500 wallets were frozen. The victims will have to just wait for an indefinite period of time before the case is solved, if at all it could be solved. Trust is among the most important traits any blockchain technology should build with its users.  If a network keeps on having the same mistakes and large amounts of money is lost, the credibility of the network and the team might be lost. Popov, who first flagged the hack as a malicious attack and the CEO of Cappasity, has warned that the trust the Parity team had created might vanish if they do not handle the situation urgently.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

It is now a matter of time, as the community anxiously waits to see how the whole issue will pan out. The result, irrespective of whether it is positive or negative will have a long lasting effect on Ethereum’s future as the preferred platform for dApps and blockchain projects.

Tags: Bitcoin newsNewsParity Hack
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Euler

Euler (EUL) Up 25% As Hacker Returns 51,000 ETH From Stolen Loot

8 hours ago
Pooky, The NFT Football Prediction Game That Pays, Launches Today

Pooky, The NFT Football Prediction Game That Pays, Launches Today

1 day ago
Bitcoin

Bitcoin Price Action Mirrors Q1 2021, Volatility Ahead?

2 days ago
Ethereum (ETH) number of addresses surges

Number Of Ethereum Addresses In Profit Hits 10-Month High As ETH Continues Rally

2 days ago
Bitcoin

Bitcoin Coinbase Premium Continues To Decline, Buying Pressure Ending?

2 days ago
Ethereum bull

On-Chain Data Indicates Ethereum’s Bullish Trend Could Continue

2 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Bashar DAO Launches BASHAR Token: For the Betterment of the Arab Region

March 26, 2023

Futures of metaverse tokens like The Sandbox (SAND), and Decentraland (MANA) are very blurry, while Defi Giant RenQ Finance (RENQ) remains the hottest crypto of 2023

March 26, 2023

TMS Network (TMSN) Poised to Become the Next 1000x Token, Magic (MAGIC) Down 8.38%, and Binance (BNB) among the few Cryptos with an Exciting Future

March 26, 2023

ShibaLauncher: First Community Driven Launchpad on Shibarium Opens Token Pre Sale To SHIB Holders

March 25, 2023

As the competition in the derivatives market heats up, BitMake is poised to stand out

March 25, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.