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$160 Million Frozen, No End In Sight

$160 Million

New details have emerged from the $160 million USD of ether still frozen in Parity Wallets.

The Parity team announced on their blog this morning that at this time, there is no immediate resolution to releasing these funds. They acknowledge the “distress and anxiety” it has caused throughout the community and stress they are working diligently to find a feasible solution.

According to the blog post, they deeply regret the situation and unfortunately, there is “no timeline” for the release of funds as it may require a complete system upgrade.

The hack that froze up to 500 wallets is said to be an “accidental” deletion of the code library which primarily supports these wallets. The code problem was originally discovered back in August. The Parity team misread the information and no further action was taken.

As for finding a reasonable solution, Parity states they are working on Ethereum Improvement Protocols (EIPs) that may offer a way to bring back full access to these funds.

Parity technologies intend to “follow the will of the community” in moving forward with code fixes to release the frozen ether.

They explained on their blog, “Parity Technologies will handle much of the development work around these proposals and work constructively with the Ethereum Foundation team and the community towards further protocol layer development.”

Moving forward, Parity believes that “more extensive and formal procedures” are essential for contract security across Parity and the entire Ethereum network.

Parity founder’s startup, Polkadot, had $98 million in ether frozen in their wallet.

To reduce any additional complications, Parity has removed the ability for its users to use multi-sig wallets, they say “until we feel we have the correct security and operations procedures in place.”

Featured Image: twitter

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