More Than $32 Million Worth of Ethereum Hacked

Malicious actors exploited a flaw in the Parity Multisig code, which allowed hackers to steal over 153,000 ether worth around $32.6 million.


More than 150,000 ether tokens, a digital currency similar to bitcoin, around $32.6 million at today’s price, have been stolen by hackers. According to data from Etherscan, around 153,000 tokens have been taken by hackers, while 44,055 tokens have been stolen from commerce platform Swarm City.

Understand the Problem

Parity, a software developer which produces a web browser allowing users to interact with the Ethereum blockchain network and trade cryptocurrencies including ether, provides a digital wallet for users to keep their funds.

These wallets use multi-signature technology to add security to digital currency exchanges, which allows the Ethereum exchange to happen once both the users have signed the transaction. But a major flaw in the multi-signature wallet’s code allowed the hackers to take away the money without any verification.

Gavin Wood, ‎founder and CTO of Parity, released a security alert asking users with Parity’s multi-signature wallets to move their funds to other secure wallets.

What Are They Doing To Fix It

The same day when the hack took place Parity created a patch for the flaw and updated their blog saying their wallets were safe.

When the heist was discovered, white hat hackers in the Ethereum community were able to save more than 377,000 ether tokens from the black hat hackers by taking them from affected wallets. The hackers say once they have developed a safer multi-signature wallet, they will transfer the money to users.

“White Hat Group(s) were made aware of a vulnerability in a specific version of a commonly used multisig contract. This vulnerability was trivial to execute, so they took the necessary action to drain every vulnerable multisig they could find as quickly as possible. Thank you to the greater Ethereum Community that helped to find these vulnerable contracts.”

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