Ethereum
Parity Wallet Hacker Moves $9M into Ethereum, Leaving $246M in Limbo
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Parity Hacker Moves $9M into Ethereum, Sparking New Discussions About Crypto Security
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In a development echoing one of the biggest cryptocurrency heists in history, Cyvers Alerts has reported that a hacker, who exploited a vulnerability in Parity’s multi-signature wallet in 2017, has now moved a substantial sum of Ethereum (ETH). The hacker, responsible for the theft of 150,000 ETH, valued at the time at $30 million, initiated the laundering of part of his loot, transferring 3,050 ETH, the equivalent of $9 million, via the eXch platform.
This is an important chapter in the saga, highlighting the lasting impact of cyberattacks in the digital assets space. Cyvers Alerts used X to highlight current events, reminding subscribers of the 2017 incident that shook the crypto community. The vulnerability in version 1.5+ of Parity’s Multisig wallet allowed the author to escape with a staggering amount of Ethereumcausing significant financial losses.
The hacker’s latest maneuver highlights a strategic and patient approach to his illicit activities. Using eXch and consolidating multiple addresses under “0x5167052b,” they were able to launder some of the stolen funds. However, what is more worrying is the significant amount still under their control. With 83,017 ETH, valued at $246.6 million, remaining intact at the primary address “0xb3764761,” the hacker maintains significant leverage within the cryptocurrency ecosystem.
Permanent threat
This recent activity reignites discussions about security measures in the crypto space and the continued threat posed by vulnerabilities in blockchain platforms. Despite efforts to improve security protocols and mitigate risks, incidents like the Parity Wallet breach are a stark reminder of the ever-present danger of cyber attacks.
As stakeholders weigh the implications of this latest development, attention is turning to broader implications for investor confidence and regulatory oversight within the crypto market. The ability of hackers to exploit infrastructure weaknesses and manipulate large sums of digital assets demonstrates the need for continued vigilance and collaboration within the industry to guard against such threats.
About the Author
Mushumir’s ass
With over three years of immersive experience in the crypto industry, Mushumir is a seasoned crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance. From analyzing the latest innovations in blockchain to demystifying trading strategies, he brings a unique blend of technical knowledge and infectious flair to the crypto space. Having written countless articles, analyzes and market reports, Mushumir has developed a distinctive voice that resonates with seasoned investors and newcomers to crypto alike.