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

More than $30 million has already been reported as stolen.

7. 19. 17 by Patrick Caughill
Image by Parity

Parity – the “world’s 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. Coindesk reports that, so far, 150,000 ether (worth $30 million) have been reported to the company as stolen.

Click to View Full Infographic

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 them to 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.

Care about supporting clean energy adoption? Find out how much money (and planet!) you could save by switching to solar power at By signing up through this link, may receive a small commission.

Share This Article

Keep up.
Subscribe to our daily newsletter to keep in touch with the subjects shaping our future.
I understand and agree that registration on or use of this site constitutes agreement to its User Agreement and Privacy Policy


Copyright ©, Camden Media Inc All Rights Reserved. See our User Agreement, Privacy Policy and Data Use Policy. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Futurism. Fonts by Typekit and Monotype.