The Best Crypto Wallet... That Used To Get Hacked #shorts

16 Mar 2023 · 1 min

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0:55

In this YouTube short, The Art of Crypto recounts the history of Parity Technologies' multi‑signature Ethereum wallet. It explains the 2017 vulnerability that caused a $30 million loss, the subsequent fix by founder Gavin Wood, and the 2019 recurrence where an upgrade re‑introduced the flaw, leading to another $16 million loss and Wood’s resignation as CTO. The video concludes on a positive note, noting that the wallet has received multiple updates since then and is now regarded as one of the safest crypto wallets available.

Chapters

In 2017, Parity Technologies discovered a vulnerability in their multi-signature wallet, which led to the loss of $30 million worth of Ether. Following that hack, Parity founder Gavin Wood implemented a fix that would prevent such an event from happening again. However, in November 2019, a user of the Parity wallet noticed something odd. A significant portion of their Ethereum had disappeared. The issue was reported to Parity Technologies, and they discovered that the vulnerability that caused the 2017 hack had resurfaced due to an upgrade in the And as a result, $16 million worth of Ethereum was lost again, and there was no way to recover it. The company's reputation took a significant hit, and Gavin Wood had to resign from his position as CTO. However, this story actually has a happy ending because the Parity wallet has since undergone several updates and is now considered to be one of the safest wallets in the market. But that's how.