How Constantinople Could Help Unfreeze Parity’s Lost Ethereum

In 2017 there were tens of millions of dollars worth Ethereum frozen but thanks to the new upgrade on the Ethereum network, this might be getting recovered.

The blockchain project building decentralised internet technology, Parity, lost access to 500,000 ETH when a hacker exploited a glitch in the software that froze the funds. In today’s market that would be worth more than $60 million. According to the CEO of Parity, Jutta Steiner, the Constantinople hard fork, that went live last week, is a good start for getting those funds back.

Speaking on the latest episode of Fortune’s Balancing the Ledger show, Steiner said “If that functionality CREATE2 had existed at the time, there wouldn’t have been a vulnerability, basically. So if you think now, okay, we introduced and sort of fixed the tooling, then wouldn’t it be the right thing to do to also fix the issues that arose when we didn’t have the tooling?”

Developers at Parity have argued in the past for a hard fork in the Ethereum blockchain in order to unfreeze the cryptocurrency. That hard fork has now been implemented and Steiner believes that there is a stronger case for taking the right steps to remedy Parity’s problem.

“It doesn’t automatically mean that we, or all the teams that have stuck funds, get the funds back. It still requires another hard fork where that particular state change is made, but it gives a much more solid argument to why it’s the right thing to do and recover the funds.”

In other Parity news, the Web3 Foundation is holding a second token sale that could see the value rise up to $1 billion. For those that are unaware, the Web3 Foundation provides fundraisers in the crypto space which will benefit from the development of Parity’s Polkadot project.

Speaking on the Foundation, Steiner says that the potential recovery of the frozen funds wouldn’t have an impact on the fundraiser. Adding on “that’s nothing that’s being done because of the frozen funds issue, really.”

In terms of price, Ethereum is the second largest cryptocurrency in the space right now. The price of the digital asset is currently $129.71 following a 1.98 percent increase over the past 24 hours.