All these so called Crytocurrencies are really making money from thin air and are not regulated. This time round, a software glitch has hit Parity, a wallet provider. On Tuesday, it had discovered a “vulnerability” in its wallet that allowed users to change code and become the owners of wallets that didn’t belong to them.

The company said that one person “suicided” the wallet, deleting its code and freezing all ether tokens contained within. Users are now unable to move funds out of the wallet.

The coding “accident” affects all of Parity’s “multisignature wallets” — wallets that require one user to sign another’s transaction before it is added to the ethereum blockchain — which were created after July 20.

French hacker Matt Suiche said in a blog post Tuesday that the code wipeout means that more than $280 million worth has been locked.

 

By Harry