This Crypto Wallet, Devised by a Co-Founder of Ether, Has a Major Breach – Futurism

In Brief There has been a major breach in the Parity Ethereum client that may have given access to user's digital wallets. An official statement regarding the extent of the security threat is forthcoming.

Parity the worlds fastest ethereum client just posted an alert on their blog warning of a vulnerability in version 1.5 or later in its wallet software.The alert advises users to immediately move their funds to a secure address.

Users are scrambling to learn the extent of the breach and if their funds were made vulnerable.Coindeskreportsthat, so far, 150,000 ether (worth $30 million) have been reported to the company as stolen.

Parity claims to be the most secure way of interacting with the Ethereum network. The project was originally devised by a co-founder of Ethereum,Gavin Wood.

Decentralized technologies are rapidly emerging as cryptocurrency is increasing in visibility and popularity. Regardless of how much currency was stolen, the optics of such a breach are not good for these emerging technologies. It will be difficult for themto become a new standard if adopters cannot rely on the highly-touted security of the platforms.

Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.

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This Crypto Wallet, Devised by a Co-Founder of Ether, Has a Major Breach - Futurism