Parity Multisig Wallet Hacked, or How Come?

Background

Multisignature wallets are smart-contracts designed to manage crypto assets by the consent of multiple wallet owners. This type of wallets usually allows to set daily withdrawal limits, vote for withdrawals, vote for ownership changes, etc.

With the big surge in crypto prices this year, many people are now holding significant amounts of crypto assets. It is worth taking security more seriously and putting your assets, or at least most of them, into a multisig wallet is a good step toward that. That enhances security for a process that moves lots of funds quite quickly. If you own a multisig wallet, you need multiple “signatures” to move funds out of the wallet. In fact, these signatures mean multiple private keys.

This alternative to holding value in simple user accounts appeared in 2012. Multisig wallets are especially favored by cryptocurrency startups and other groups, as they are a safeguard against hacker attacks aimed at the asset holders. This is because they…


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