Here Today, Gone Tomorrow – $300 Million Dollars worth of Cryptocurrency Stuck in the Matrix

As bitcoin prices continue to surge, other cryptocurrencies continue to gain traction and the interest of having the next huge gain is a can’t miss attraction for some investors.  The Initial Coin Offering (ICO) frenzy is non-stop, and the token coins used to start the ICOs are generally Ethereum, which as of this writing has traded in the $300 range for a few months.  Keep that number $300 in mind, because a million Ethereum were wiped off the books overnight (if you believe it), which results in a $300 million dollar swindle.

Allegedly, the company Parity was trying to fix a bug in its popular digital wallet service.  The digital wallet is supposed to serve as a secure hosting for Ethereum.  So secure it seems that now the owners of the coins that hosted with them can’t access them and they might be gone forever.

A digital wallet enables users to keep their cryptocurrency safe with a series of passwords and/or challenges to access the coins.  To fix the problems of the past, PARITY was trying to ensure that the same bug that allowed hackers to steal $32 million dollars worth of Ethereum was squashed.  Like the fly that zips away, the bug danced through the system and populated in some lucky user’s account.  Parity allegedly then tried to call back the funds, but evidently sent them to somewhere in the matrix where they can not be retrieved.

Whether this was done accidentally or intentionally or a combination of both, if you had money with Parity and your money is now irretrievably in the matrix, our firm would like to speak with you about your cryptocurrency rights and the prospect of bringing an action to recovery the funds.  The company that had a duty to secure your funds, certainly had a duty to make sure they were safe from outsiders and insiders including themselves and if this transpired the way the news is purporting it, you have a right to recovery.