Create a multi sig in parity

The Parity Wallet — FAQ

I have been looking at the threads and these are commonly asked questions following the Parity Multisig (1.5+) hack

Dave Appleton
Jul 20, 2017 · 2 min read

1/ You used a parity Multisig. Are your funds OK?

Short (irresponsible) answer :

Still got your funds?
Probably OK if you have a lot of ether.
If not, they may not have got around to you yet.

Long (more responsible) answer:

Check your wallet address on etherscan.io

warning on etherscan

If there is a big warning across the top — get everything out of there fast.
Warning thanks to Matthew Tan of etherscan.io.

2/ Why do use multi-sig after an ICO instead of hardware or paper wallets?

Multi-sigs are for governance.

A company bank account often needs more than two signatures on a cheque over (say) $5000 to stop the clerk or CEO running off with the loot…

Likewise a multi-sig wallet requires a number of different people to sign off on a transaction.

Multi-sigs still need ordinary wallets to send the transactions

Each signer uses their own wallet whether it be a hardware wallet, myEtherWallet, Metamask, a paper wallet or whatever to sign the transaction.

When the wallet has received enough approvals, the transaction is sent.

My funds were saved by the white hats — what next?

The White Hat Hackers have stated that they will create new (secure) multi-sigs with your ether and original settings intact so that you will have safe access to your funds. I am guessing that they will publish a list of addresses, but at the very least you can follow the transaction trail.

Special thanks to the White Hat Hackers and Friends who burned the midnight oil to rescue your funds.

After the insane raises seen recently you should be glad if the CEO cannot run off with the loot.

hellogold

Buy & Sell Gold. Anywhere. Anytime.

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Dave Appleton

Written by

HelloGold's blockchain lead and Senior Advisor at Akomba Labs; a technology anachronism who codes, teaches, mentors and consumes far too much caffeine.

hellogold

hellogold

Buy & Sell Gold. Anywhere. Anytime.

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