The coin Parity has suffered one of the roughest years of all of the cryptocurrencies after facing one of the highest profile attacks on a crypto in the history of the market. One of the novice developers at the company accidentally froze funds of around $160 million, so that no one could access them for quite some time. Attempts at getting this large sum of money back don’t look too promising, which continues to have investors fearing for their money.
This could have a large effect on the company as Parity supplies support for Ethereum, which is the second largest coin by market capitalization, providing software for around a quarter of the network. Just like other blockchain based companies, Parity would like to work on different projects, but many people are distrustful after this most recent issue from the company. Some of the funds lost in the incident include around $150 million that they managed to raise in an ICO last year.
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Ashley Tyson, a spokesperson for the Web3 Foundation, stated that the loss has hurt their operations, and that they have a large amount of plans in the works to attempt to get the coins back. Tyson stated that “with a majority of our funds frozen, we’re not sure what our ability is to financially contribute to these initiatives. Certainly, it will need to be massively scaled back.” The company is however, beginning to try and rebuild their business in the wake of such a monumental issue. The hopes are high that the company get begin to get back on its feet, offering a large amount to the whole of the cryptocurrency world. Only time will tell what happens to Parity, and their large wake in the market.