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After a vote that was that included 4 million ETH, the Ethereum community has expressed opposition against the restoration of the 500,000 eth frozen during the Parity hack. 55% of the votes were against the recovery, while 39.4% were in favour.

Parity Hack Community Vote

Ethereum’s community has spoken and has given its opinion about what to do with the funds frozen during the parity hack. As mentioned before, 2.2 million ETH (or 330 votes) do not support the proposal to restore the contract code at the moment of the hack. 

That means that is highly likely that Ethereum will not be able to restore the funds by itself. Less than 40% of ETH voted in favour of the proposal (300 votes). And the rest, 5.6% of the ETH (9 votes), have decided to vote for the don’t care option.

Parity Hack

Parity, Ethereum’s second most popular client suffered an attack on November the 6th that compromised 500,000 ETH (approximately 300 million USD). All multi-sig wallets have been frozen.

The company explained at the time of the hack:

“Following the fix for the original multi-sig issue that had been exploited on 19th of July (function visibility), a new version of the Parity Wallet library contract has been deployed on 20th of July. However, that code still contained another issue – it was possible to turn the Parity Wallet library contract into a regular multi-sig wallet and become an owner of it by calling the initWallet function.”

Three Possible Solutions

In order to solve the problem, the company has proposed three possible solutions to restore the funds. The first one is to allow private key holders affected with specific issue to withdraw their Ether. The solution is partial and some funds may be lost due to replay attacks and bugs. This proposal is backed by Vitalik Buterin.

The second solution focuses on capturing as many edge cases as possible but one that is not tightly defined. That would be the most straightforward solution.

The third solution backed by Parity is to change the Protocol in order to revive the suicide contracts and fine-grained deployment of contracts for all users going forward. That would unlock the funds stored in the multi-sig wallets.

“Achieving good governance around hard forks and protocol upgrades on Ethereum has been an ongoing project. It has had its success and failures with limited experiments with democracy, plutocracy, and technocracy. Good consensus has been achieved on technical enhancements while significant non-enhancement hard forks have ben both failures and successes of consensus,” explained Parity’s post.

Join the conversation over at Telegram (https://t.me/coinstaker)


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