Ethereum Smart Contract Error Costs Cryptocurrency Exchange $14 Million

in ethereum •  8 years ago 

 A Canadian digital currency exchange is out as much as $14m worth of the cryptocurrency ether. According to social media posts and a subsequent statement from Vancouver-based QuadrigaCX, the issue had to do with a previously used "splitter contract" which was utilized to separate incoming ethers and classic ethers (another cryptocurrency that arose from a blockchain split last year). Yet a recent ethereum client software update, according to QuadrigaCX, led to an issue with how the smart contract functioned. The exchange said: 

 "Due to an issue when we upgraded from Geth 1.5.3 to 1.5.9, this  contract failed to execute the hot wallet transfer for a few days in  May. As a result, a significant sum of ether has effectively been  trapped in the splitter contract. The issue that caused this situation  has since been resolved." 

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