A Coding Error May Have Just Wiped Out $300m Worth of Crypto-Currency
Mike Sanders / 5 years ago
At least $150m (and possibly $300m) of Ethereum Crypto-Currency Frozen and Potentially wiped out!
With ever-increasing crypto-currency values and mining, it has become a very popular means of people attempting to earn money. As with a non-traceable online currency, however, there can be problems.
With Bitcoin values approaching $6000 and Ethereum prices also increasing, there are many who still want to get on the crypto-currency gravy train.
As above, however, online currencies do have their problems. For example, when you hear of cases of hacking and currency stolen, it is somewhat alarming.
A report via the BBC, however, would suggest that a simple coding error may have just wiped out $150m of Crypto-currency with Ethereum thought to be affected.
Someone at Parity Technologies tabbed when they should have spaced.
Parity Technologies who create digital wallets were bug hunting on their system. Unfortunately a misclick, or code, accidentally merged hundreds of wallets into 1 single account.
Now, remember that whole ‘untraceable’ aspect of Crypto-Currency. This is where the problem lies. It may mean that the at least $150m ( and some estimated suggest as high as $300) which has been merged into the account may have to be frozen, which in effect, means the value has been completely wiped out.
Parity Technologies has expressed “regret” over the “great deal of stress and confusion” its error has caused. They have in addition asked any who feels they have been affected to contact them.
The bottom line is though, they simply may not be able to fix this.
If you were, therefore, thinking of getting into the crypto-currency market, this just might make you change your mind. If not, perhaps the predicted plateau will.
What do you think? Is Crypto-currency really the future? Particularly if such errors can occur? How safe do you think your online currency is? – Let us know in the comments!