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Good News! Parity CEO says $150 million in frozen Ethereum isn’t lost forever

Parity Technologies CEO and co-founder Gavin Woods has responded to questions over the $150 million in frozen Ethereum the company currently holds. Speaking with co-founder Jutta Steiner at the TechCrunch Disrupt Berlin conference, they both fielded queries on the issue from the assembled audience.

Code library error to blame

The original cause of the frozen Ethereum coins was initially thought to be human error by a user of Parity Technologies wallet. It was believed that the user deleted the code library which made all Parity Technologies wallets work by mistake, meaning a number of users were unable to access their money. With $150 million in Ethereum – including $90 million of Woods’ own personal funds – tied up there, you can bet the company will be working on a way to resolve this soon.

An outcome of new technology

In what some may find a surprisingly calm tone, Steiner and Woods explained their view that the mistake had been an outcome of the inherent technology being in its infancy. Suggesting that the cause of the freeze may have in fact been a bug in the code library instead, they confirmed that new updates due to go live in around six months’ time should fix the problem and un-freeze their money.

Did Parity know about the issue beforehand?

A point made by a member of the audience at the conference was that Parity seem to have known about the issue that caused the freeze beforehand. Responding to this, Steiner explained that they had received information about the potential damage but it didn’t seem to be a pressing concern at the time.

Although the two co-founders handled the subject with grace on stage, there was still a feeling that this is something they are a little sensitive about!

Image Source: Flickr

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.