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Early estimates suggest $270m worth of Ether has been permanently frozen. Coming 4 months after multimillions stolen from the same wallet.

by alva 9y ago

deleted 9y ago
[deleted]
nikcub 9y ago
Polkadot has its raised coins in a Parity multisig wallet, and it alone is ~$140M iirc: https://twitter.com/polkadotnetwork/status/927880762053021702 https://twitter.com/polkadotnetwork/status/92788076205302170... edit: they just put out a post to say that not all of their funds were in a Parity multisig wallet: https://medium.com/web3foundation/web-3-multi-sig-wallet-update-245d30df0fb3 https://medium.com/web3foundation/web-3-multi-sig-wallet-upd...
roywiggins 9y ago
"The good news is, you still have your Ethereum. The bad news is, you always will..."
- willitpamp573 9y ago
  Which defeats the purpose of Ethereum, which is to get in, get rich quick, and get out!
tootie 9y ago
Permanently frozen? What does that mean? It's as good as gone?
- alva 9y ago
  Basically good as gone. It is there, just no one can ever access it.
  - lurker456 9y ago
    until the next hard fork
- CodesInChaos 9y ago
  It means it's gone, if the contract is followed. But a hardfork of Ethereum could change the rules to recover the coins. A similar recovery already happened once, after somebody exploited a bug in The DAO, resulting in a fork into Ethereum and Ethereum Classic, which rejected changing the rules to bail out bugged but too-big-to-fail smart contracts. > In May of 2016, a venture capital fund called The DAO built on Ethereum raised around $168 million, with the intention of investing in projects using smart contracts. In the same month a paper was released detailing security vulnerabilities with The DAO that could allow ether to be stolen. In June, 3.6 million Ether (approximately $50 million USD) was taken from accounts in The DAO and moved to another account without the owners' consent, exploiting one of the vulnerabilities that had been raised in May. Members of The DAO and the Ethereum community debated what actions, if any, should occur to resolve the situation. A vote occurred and in July 2016 it was decided to implement a hard fork in the Ethereum code and to move the Ether taken in the exploit to a new smart contract through which it would be restored to the owners from whom it had been taken. > Ethereum Classic came into existence when some members of the Ethereum community rejected the hard fork on the grounds of "immutability", the principle that the blockchain cannot be changed, and decided to keep using the unforked version of Ethereum. https://en.wikipedia.org/wiki/Ethereum_Classic https://en.wikipedia.org/wiki/Ethereum_Classic

Early estimates suggest $270m worth of Ether has been permanently frozen. Coming 4 months after multimillions stolen from the same wallet.

by alva 9y ago

Early estimates suggest $270m worth of Ether has been permanently frozen. Coming 4 months after multimillions stolen from the same wallet.

deleted 9y ago

[deleted]

nikcub 9y ago

Polkadot has its raised coins in a Parity multisig wallet, and it alone is ~$140M iirc: https://twitter.com/polkadotnetwork/status/927880762053021702 https://twitter.com/polkadotnetwork/status/92788076205302170... edit: they just put out a post to say that not all of their funds were in a Parity multisig wallet: https://medium.com/web3foundation/web-3-multi-sig-wallet-update-245d30df0fb3 https://medium.com/web3foundation/web-3-multi-sig-wallet-upd...

roywiggins 9y ago

"The good news is, you still have your Ethereum. The bad news is, you always will..."

willitpamp573 9y ago
Which defeats the purpose of Ethereum, which is to get in, get rich quick, and get out!

tootie 9y ago

Permanently frozen? What does that mean? It's as good as gone?

alva 9y ago
Basically good as gone. It is there, just no one can ever access it.
- lurker456 9y ago
  until the next hard fork
CodesInChaos 9y ago
It means it's gone, if the contract is followed. But a hardfork of Ethereum could change the rules to recover the coins. A similar recovery already happened once, after somebody exploited a bug in The DAO, resulting in a fork into Ethereum and Ethereum Classic, which rejected changing the rules to bail out bugged but too-big-to-fail smart contracts. > In May of 2016, a venture capital fund called The DAO built on Ethereum raised around $168 million, with the intention of investing in projects using smart contracts. In the same month a paper was released detailing security vulnerabilities with The DAO that could allow ether to be stolen. In June, 3.6 million Ether (approximately $50 million USD) was taken from accounts in The DAO and moved to another account without the owners' consent, exploiting one of the vulnerabilities that had been raised in May. Members of The DAO and the Ethereum community debated what actions, if any, should occur to resolve the situation. A vote occurred and in July 2016 it was decided to implement a hard fork in the Ethereum code and to move the Ether taken in the exploit to a new smart contract through which it would be restored to the owners from whom it had been taken. > Ethereum Classic came into existence when some members of the Ethereum community rejected the hard fork on the grounds of "immutability", the principle that the blockchain cannot be changed, and decided to keep using the unforked version of Ethereum. https://en.wikipedia.org/wiki/Ethereum_Classic https://en.wikipedia.org/wiki/Ethereum_Classic