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CEO of Parity Thinks Frozen Ethereum Can Be Reclaimed



In 2017, the likes of bitcoin and ethereum have taken the world by storm and entered into mainstream consumption. Bitcoin has caught the attention of people due to its meteoric rise in price over the past 12 months or so, whereas ethereum has garnered attention for the technology on which it is built and the basis for future applications it may provide.

Frozen Funds and Missing Code

However, there have been some blips along the way, such as when earlier in 2017 a company looked to have lost between 1,000,000 and 50,000 ether forever.

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The company in question is Parity Technologies who had a user accidentally access and delete the code library which allowed the wallet to function.

This missing code led to roughly 1,000,000 ETH becoming frozen, and approximately $90 million belonged to the co-founder of Parity, as well as the core developer for Ethereum Gavin Woods via the token sale that took place for the Pokadot blockchain technology. Many believed that this money was gone forever.

The wallets that were affected were those that had been made following July 20, 2017, with the issue being triggered on November 6.

However, one of the co-founders of Parity and the CEO Jutta Steiner shed further light on what happened while speaking at TechCrunch Disrupt Berlin on December 7, 2017.

She talked about how the library that looked after the function of the wallets had a bug as a result of an inaccurate refactoring. They effectively did not have the tools to fix this bug at the time, and this bug ended up resulting in the freeze and the potential loss of ether.

Potential Foul Play

Mike Butcher who is the editor-at-large at TechCrunch combatted this telling of events, pointing out that this bug in question was well-known and had been reported well in advance of this freeze.

While Steiner didn’t dismiss this point, she did comment that the team had not identified this bug as being a critical flaw at that moment in time and that it was something that would eventually get updated down the line when a tidy up was taking place.

This lack of update, of course, was a costly misjudgment which massively set the company back.

Steiner has said though that she feels they will eventually develop a solution for this issue that could lead to releasing the money. Their next update is scheduled for the coming four to six months so there are even hopes that by then a solution could be found.

Your average person, of course, would be disgruntled and upset, potentially angry about the fact that there is a hefty stock of ether frozen forever somewhere, but Woods didn’t seem to be overly concerned or worried.

He claims that at the moment, it is seen as a savings account for the company as they are confident that a solution will be reached in the near future. This of course is the very early days when it comes to this type of technology, so as it continues to develop and evolve, the chances are likely that this bug will be solved at some stage down the line.



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