Huge amounts of Parity ETH funds frozen after supposed dev mistake

The Ethereum wallet system named Parity is suffering huge reputation losses after it became a subject of bad news messages because of a big and harmful glitch in the system. Two days ago, a developer by the nickname of devopps199 found a breach in security which resulted in freezing assets in all multi-signed Ethereum wallets on Parity, as the media tells, the amount of funds harmed is three times the size of those suffered during that DAO hack. One condition, though: if your Parity wallet is opened before July 20, you can breathe out.

As Charlie Lee, creator of Litecoin, commented to CoinDesk, he always didn’t like how Ethereum structure is built and called it “all sorts of facepalm”. Others think that the community has to establish a line after which developers can’t be just forgiven for security failures. In fact, this problem went so far that some even propose to create a hard fork that will somehow return frozen funds to users.

Jez San Obe, founder and CEO of FunFair, sees the reason of this unfortunate event not in Parity or the Ethereum blockchain, but rather, in the overall primitiveness of Smart Contracts technology. According to him, coding has to improve in order to prevent such disasters in the future.

The price of Ethereum is $314.83 at the press time, but it might fall if speculations that the Ethereum team is to blame for the Parity catastrophe become confirmed.