The team of developers of the crypto-currency purse Parity published new information, trying to explain what was involved in the critical error that blocked users' funds for $ 160 million.

According to the report, at the moment there is no immediate plan for the release of frozen funds. To restore the functions of more than 500 wallets, most likely, you will need to update the platform itself.

Taking advantage of a vulnerability discovered in the library of the smart contract, which the developers did not pay attention to, the unknown person assigned himself as the "owner" of the library and destroyed this component necessary for the normal operation of the multi-sig-purse.

However, the developers acknowledge that the user of GitHub warned the company about the risks in August, but the Parity team did not take any action to protect the wallets.

At the moment, the team did not succeed in solving the problem;. So far, they need to reassure the victims and look for ways to resolve the situation: for example, to make some changes to the Ethereum protocol, which will allow to return the funds back. After the incident, the question was discussed whether the update of the code would be a solution to this problem - as was the case with DAO last year.

Parity Technologies intends to work hard on these proposals with the Ethereum Foundation team and the community in determining the next development vector at the protocol level. In addition, the Parity team says that the entire Ethereum system requires more global improvements so that the interface can fully protect contracts.

Events of last week blocked access to 584 wallets. Some of them belonged to high-profile start-ups, including the $ 98 million founder of the Gavin Wood project.

In order to protect the system from possible additional failures, Parity developers removed from the functionality the creation of wallets with a multi-signature. So they want to make sure that they are moving in the right direction in terms of protecting their users.