RATE Group | Ethereum Votes "No" to Rectifying Junior Developer Error that Froze $360 Million in Parity Client Wallets | Crowdfund Insider
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Ethereum Votes "No" to Rectifying Junior Developer Error that Froze $360 Million in Parity Client Wallets | Crowdfund Insider

26 Apr Ethereum Votes "No" to Rectifying Junior Developer Error that Froze $360 Million in Parity Client Wallets | Crowdfund Insider

Posted at 01:27h in Ethereum News by

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Yesterday, Ethereum users voted not to patch a smart contract accidentally destroyed by a junior developer at Parity last November. The mistake has frozen access to $360 million dollars worth of client funds held in digital wallets managed by the company.

The contract was reportedly destroyed after the junior developer encountered a software bug.

Originally billed as a “smart contract coding company,” Parity.io was started by former Ethereum CTO Gavin Wood in 2015. The company is said to manage about a quarter of Ethereum’s network nodes.

Parity, which now calls itself “the world’s most advanced Ethereum client and user interface” also lost 150,000 client ETH last July in a hack on Parity wallets. The funds would be worth over $80 million dollars today.

According to Coindesk, clients affected by the July hack included a number of firms storing Ethereum raised in recent ICOs (Initial Coin Offerings). Affected parties included Edgeless Casino, Swarm City, and…

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