Consequences of Parity hack

Experts estimate giant volume of losses, a lot of Ethereum-based projects were hacked
21 July 2017   1308
Ethereum

Open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements.

Approx 9.30 am (Pacific Time) on July 19, 2017, a vulnerability was discovered. It could allow the hackers to drain the funds of users whoe used "multi-signature" Parity wallet. Multisig wallets requires multiple private keys for activation. Version of 1.5 or later was affected.

As a result, big amount of different projects were attacked. Among them:

Users were able to locate 3 wallets, where founds were send. 

  • White Hat Group’s Wallet
  • First Alleged Attacker’s Wallet
  • Second Alleged Attacker’s Wallet

White Hat Group also noted that they will return the funds. This info was posted on Reddit.  

The issue was caused by a bug in affected Parity's code. It allowed an affected wallet’s initialization function to be recalled after it was created. This allowed for a hacker to call the code after and claim that they own the account themself. Ethereum community members called that bug "the most obvious bug in the history of ethereum”; other noted that  vulnerability went undiscovered for a half of year. At approximately 1:30 p.m. Pacific Time, Parity founder Gavin Wood committed a fix to the Parity GitHub that he believes should alleviate the vulnerability. Also, there are some interesting comments at GitHub too, for example, "Who is auditing this code that ends up affecting $100 millions worth of currency ? :/" by admazolla.

At the moment of this article written, it is still unclear about  who the malicious attacker is or whether the remaining victims will ever recover their funds. Also, new victims can still appear. According to EtherScan, malicious account send the stolen funds to other wallets. Maybe, hackers hope to obfuscate its activities in this way. 

Ethereum to Hold Meetup in Bangkok, Thailand

The event, covering Ethereum-based technology sharing, will take place in Bangkok, Thailand on February 25, 2018
19 February 2018   7

The Asia-Pacific Ethereum Community Meetup is a non-profit event aiming at promoting technology exchange and connecting Ethereum developers to community members, as well as creating opportunities for users to know more about the excellent Ethereum-based projects.

Asia-pacific meetup in bangkok Ethereum Community Meetup 
 

Location: KX Knowledge Exchange Innovation Center, 110/1 Krung Thonburi Rd. Khlongsan, Bangkok 10600, Thailand
Date and time: February 25, 2018, 10AM - 5PM

The event will cover Ethereum-based technology sharing, include discussions on use cases and the development of various Asia-Pacific Ethereum communities.

The confirmed guests include Vitalik Buterin, Karl Floersch, OmiseGo Team, various Ethereum community representatives (from China, Korea, Singapore, America, Japan etc.), founders of Ethereum-based projects, well-known investors and enterprise representatives in this sector.

At the moment of press, these are main market parameters of Ethereum:

Average price: $948,27
Market cap: $92 656 093 632
24h volume: $2 197 870 000