I Really Feel for My Friends at Swarm City. 44,055 ETH Stolen.

Read the full blog post on the Swarm City Medium account. Parity multisig wallet exploit hits Swarm City funds — Statement by the Swarm City core team

As you can see the crypto currency Swarm City has taken a 50% haircut.

As many of you know @AnaHIlarski and I helped Arcade City (now Swarm City) during their ICO phase last year. My heart goes out to the team. The crypto community loves to use multi-sig wallets to protect teams from someone on the team making off with the funds but this time multi-sig wallets were the ones attacked.

Tweeted by @CalBlockchain.

What it Means to You.

This could add more uneasiness to the crypto currency markets. Personally I have moved my trading assets into SBD's (SteemDollars). This is not by any means a call that the market is going to crash. I am just being cautious with my funds.

White Hat Hacker is Fighting Back.

The White Hat Group were made aware of a vulnerability in a specific version of a commonly used multisig contract. This vulnerability was trivial to execute, so they took the necessary action to drain every vulnerable multisig they could find as quickly as possible. Thank you to the greater Ethereum Community that helped finding these vulnerable contracts.

Wallets Saved. Tweeted by @Crypt0biwan