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Parity’s Ongoing Battle: Hacker Launders $9M ETH, What’s Next?

Wu Blockchain, a crypto news reporter, reported that a hacker who stole 150,000 ETH from Parity, the parent company of Polkadot, in 2017, has resurfaced, initiating the laundering of 3,050 ETH, valued at $9 million, through eXch. This development marks a significant chapter in crypto history, showcasing the hacker’s patience and strategic approach. The hacker still retains control over a massive sum of 83,017 ETH, worth $246.6 million, highlighting the severity of the security breach.

Furthermore, it has been alleged that the vulnerability present in Parity Multisig Wallet version 1.5+ during 2017 resulted in the illicit acquisition of more than 150,000 ETH, which was valued at approximately $30 million at that time. 

Presently, the hacker has initiated the process of laundering a portion of the pilfered funds, employing numerous amalgamated addresses on eXch. Despite these ongoing transactions, the hacker maintains control over a significant quantity of ETH, thereby presenting a persistent menace to both Parity and the wider cryptocurrency community.

Parity, a multi-signature wallet created by Parity Technologies, is critical to the development of the Polkadot blockchain and the Ethereum Parity client. These wallets are smart contracts that handle crypto assets through a collective agreement of numerous wallet owners. They provide features such as daily withdrawal limitations, voting processes for withdrawals, and ownership changes, making them prime targets for hackers.

As of the latest update, the value of Ethereum is quoted at $2,959.69, with a 24-hour trading volume of $10,232,874,659. Ethereum has experienced a 0.88% growth in the past 24 hours and 6.25% plummet in the past 7 days. Despite the recent increase in value, the ongoing presence of the hacker controlling a significant amount of ETH raises concerns about the security and stability of the Ethereum network. 

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