On Wednesday, the software provider for the world’s second-largest blockchain issued an alert explaining what went wrong and a website was launched to check the users’ addresses in case their funds were affected. An email address was also posted for further contact for users.
The exploit has affected 573 people and 584 wallets as per reports in the wallet-checking website on Wednesday. But it is unsure whether it’s the latest details regarding the affect or a final statement .Parity has not responded on the issue.
A patch that occurred in July was fixed but the company code consisted of a flaw. The security alert described the flaw being exploited as,
“Unfortunately, that code contained another vulnerability which was undiscovered at the time – it was possible to turn the Parity Wallet library contract into a regular multi-sig wallet and become an owner of it by calling the initWallet function.”
Parity stated that the new wallet was deleted by the person who discovered the flaw indicating the company’s current understanding of the exploit.
The Ethereum community is still unable to respond on the incident for now and considers the software requires a necessary hard fork. So far, it is the only solution put forward to restore the ethers.
Around $150 million worth of cryptocurrency is left inaccessible as per sources.