Parity Technologies, a wallet services company, has announced further specifics on how a bug inside the code of their software has led to the freezing of over $150 million worth of ether.

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“On Monday November 6th 2017 02:33:47 PM UTC, a vulnerability in the “library” smart contract code, deployed as a shared component of all Parity multi-sig wallets deployed after July 20th 2017, was found by an anonymous user. The user decided to exploit this vulnerability and made himself the “owner” of the library contract. Subsequently, the user destructed this component. Since Parity multi-signature wallets depend on this component, this action blocked funds in 587 wallets holding a total amount of 513,774.16 Ether as well as additional tokens. Subsequent to destroying the library component, someone (purportedly this same user) posted under the username of “devops199” issue #6995 that prompted our investigation into this matter,” Parity Technologies said in a statement released today.

Parity claimed that “more extensive and formal procedures” are needed for contract security in the entire ethereum platform.

“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,” the team explained.

ORGINAL STORY: Over $150 Million Dollars In Ethereum Has Potentially Been Lost

A bug inside the code of wallet service Parity has frozen over $150 million in the cryptocurrency Ether.

MAKE SURE TO FOLLOW US ON TWITTER: @BLCKCHAINDAILY

The susceptibility affects any Parity wallet deployed after July 20 that uses the “muli-signature” functionality.

This is not the company’s first vulnerability bug.

In July, Parity Technologies was hacked resulting in a loss of $30 million.

Parity Technologies has issued the following statement:

“We​ ​are​ ​advising​ ​users​ ​not​ ​to​ ​deploy​ ​any​ ​further​ ​multi-sig​ ​wallets​ ​until the​ ​issue​ ​has​ ​been​ ​resolved​, ​and​ ​to​ ​not​ ​send​ ​any​ ​ether​ ​to​ ​wallets​ ​that have​ ​been​ ​deployed​ ​and​ ​are​ ​in​ ​use​ ​already.​”

“Parity Technologies would like to assure everyone that we are analyzing the situation, and we will release an update with further details shortly,” the memo states.

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