If you have stored funds at Parity Technologies, a smart contract coding firm, multi-signature wallet then it is the right time to move them to normal wallets. Parity has issued security alert of “critical” nature to make customers aware of an exploitable vulnerability in its multi-signature wallet software. 

Reportedly, the vulnerability has been identified in the software’s versions 1.5 and above. As a result, their wallet software became the target of malicious objectives of threat actors as hackers stole 150,000 eth Ethereumers (equivalent to $32 million) from Parity. Etherscan.io has confirmed the data loss.

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According to Parity, a bug in its popular wallet software called “wallet.sol” allowed hackers to access it and steal such a hefty amount from the company. The issue has now been dealt with and hackers from the White Hat Group have recovered around 377,000 potentially exploitable Ethereum.

The firm has urged its customers using 1.5 or a later version of the software to transfer their tokens to some other secure address immediately. It must be noted that the data breach has affected multi-signature wallet software only and normal wallets are safe.

Gavin Wood, the founder and CTO at Parity, wrote on Parity Gitter channel that hackers managed to breach three Ethereum addresses. Wood further acknowledged that the company is currently trying to transfer funds in other wallets to make them secure from being stolen.

Manual Araoz, the creator of Proof of Existence, claims that this particular wallet is of very significant nature since the compromised Ethereum belongs to famous entities. Some of the affected entities include Edgeless Casino, æternity, and Swarm City. Only Swarm City has confirmed about experiencing data loss of 44,055 ETH while the other two have not released any statement regarding the breach or funds loss.

This is the second time that hackers have stolen Ethereum worth millions in one week. Just three days ago Ethereum worth $7 million was stolen from CoinDash’ token sale site. This means in total, hackers have stolen almost $40 million Ethereum in just one week.

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Waqas

Waqas Amir is a Milan-based cybersecurity journalist with a passion for covering latest happenings in cyber security and tech world. In addition to being the founder of this website, Waqas is also into gaming, reading and investigative journalism.