---
title: "This Crypto Wallet, Devised by a Co-Founder of Ether, Has a Major Breach"
description: "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."
date: "2017-07-19"
modified: "2017-07-19"
authors:
  - name: "Patrick Caughill"
    link: "https://futurism.com/authors/patrickcaughill"
url: "https://futurism.com/this-crypto-wallet-devised-by-a-co-founder-of-ether-has-a-major-breach"
categories:
  - "Blockchain"
  - "Cryptocurrency"
  - "Ethereum"
  - "Future Society"
tags:
  - "ethereum"
  - "parity"
  - "vitalik buterin"
---

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

![](<https://futurism.com/wp-content/uploads/2017/07/rust_bg.jpg>)
*\<em\>Image: \<a href="https://parity.io/" target="\_blank"\>Parity\</a\>\</em\>*

Parity – the "world's fastest ethereum client" – just posted an alert [on their blog](<https://blog.parity.io/>) 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](<http://www.coindesk.com/30-million-ether-reported-stolen-parity-wallet-breach/>) that, 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.](<http://gavwood.com/>)

Decentralized technologies are rapidly emerging as cryptocurrency is increasing in [visibility and popularity](<https://futurism.com/more-than-150-organizations-are-working-together-to-support-the-growth-of-ethereum>). 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.*

### Author social links  
[LinkedIn](<https://www.linkedin.com/in/patrick-caughill-74178a61>)