Share this article
'Plenty of Time': Parity Rep Says Startup Won't Push for Emergency Fork
Communications lead at Parity said the team will not push for an emergency hard fork to recover some $150 million in locked-up ether funds.
Updated Sep 13, 2021, 7:08 a.m. Published Nov 9, 2017, 5:30 p.m.
Parity Technologies is not pushing for an immediate hard fork to recover millions in ether funds locked up after a vulnerability was triggered.
Days after a developer "accidentally" deleted a code library for the Parity wallet, Afri Schoedon, technical communications lead at the startup, said the issue may be addressed at a later date – possibly as part of the already planned ethereum upgrade Constantinople, set for 2018.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
It's a notable statement, in that up to $152 million in ether – some being the business and customer funds of some high-profile initial coin offering (ICO) issuers – is locked up where owners can't access it. Yet, it points to the greater controversy over hard forks, with some arguing an emergency hard fork (as was executed last year after the collapse of The DAO) would be a company "bail-out."
While those involved have made it clear a hard fork is needed to free up the funds, Schoedon told CoinDesk that Parity has "plenty of time" to find a solution that would be "backed by major parts of the community."
Expanding on Schoedon's comments, ethereum virtual machine (EVM) developer for the Ethereum Foundation Nick Johnson, speaking to his own personal opinions, said, "There's absolutely no rush. Unlike the DAO, there's no ticking clock, no funds in peril, they're simply locked up. The community can take as long as it needs to decide what, if anything, it should do."
The Parity team is crafting a proposal, though when this will be released is currently unclear. According to Schoedon, Parity will at "no point push for a bail-out," aiming for an ethereum-wide solution which is well accepted by the community.
Schoedon continued:
"I'm expecting nobody really denies the ... affected projects and [wants] users to regain access to their locked funds. However, if that is not the case and discussions stay very controversial, we are more than happy to provide a switch that allows users to choose if they want Constantinople with or without the discussed proposal."
Sundial in sand image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto Markets Today: Bitcoin Rises, but Risk Appetite Remains Weak
Crypto prices are little changed, with bitcoin steady after dropping back from last week’s post-Fed high while altcoins continue to underperform amid risk-off sentiment.
What to know:
- BTC rebounded from Sunday’s $88,000 low to around $89,900, though it remains well below the $94,300 it hit after the Fed’s 25 basis-point rate cut.
- More than half of the top 100 tokens are lower over 24 hours, with the CoinDesk 20 up just 0.16% and the broader CD80 down 0.77%, underscoring altcoins' continuing underperformance.
- Sentiment has slipped back into “extreme fear,” altcoin season indicators remain depressed, and bitcoin dominance continues to climb, reflecting investor preference for larger-cap assets.
Top Stories
