Posts Categorized: In The News

Posted by & filed under In The News.

Jim Sinclair’s Commentary

The latest from John Williams’ www.shadowstats.com

– Outlook for U.S. Economic and Financial-Market Activity Continues to Darken
– That Former Malarial Swamp on the Potomac Offers a Tax Bill Penalizing U.S. Tax Payers with the First Formal Use of the Chained-CPI-U
– Unwinding Hurricane Impact Softened October CPI Inflation
– October CPI-U Monthly Inflation Slowed to 0.11% (Was 0.55%) Pulling Annual CPI-U Inflation Lower to 2.04% (Was 2.23%), with CPI-W at 2.05% (Was 2.31%) and ShadowStats at 9.8% (Was 10.0%)
– A Nonsense October PPI Surge Was Due to Collapsing Gasoline Prices
– October 2017 Final-Demand PPI Inflation Monthly Gain of 0.44% Pulled Annual Gain to a 69-Month High of 2.79%, from 2.62% in September 2017
– Unrevised Real Average Weekly Earnings Declined Minimally in Third-Quarter, on Early Track for a Meaningful Fourth-Quarter 2017 Contraction
– Storm Impact Still Boosted October Retail Sales, While Long-Range, Non-Recovering and Downtrending Economic Trends Remained in Play –

“No. 920: October 2017 Retail Sales, Consumer and Produce Price Indices ”

http://www.shadowstats.com

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Bill Holter’s Commenatry

The 2nd Amendment is there to thwart overzealous jerks like Joe Biden.  Can you imagine the oppression if “we the people” were not armed?

Joe Biden: Stephen Willeford Shouldn’t Have Had The Gun He Used To Stop Church Shooter
November 14, 2017

Former Vice President Joe Biden is a walking gaffe. When he’s not sticking his foot in his mouth, he’s saying non-sensical things, and it wasn’t any different when on the Today show he was asked about gun control.

Watch this and marvel at what he says:

 

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Jim Sinclair’s Commentary

Look at the security of Security. Progress will to kill us all eventually. one way or another. Cyber can lovers are nuts. If you cam have one computer you can hack 1000. then you get kick on your door. It is the IRS come to help you.

Bill Holter’s Commentary

…when even the hackers get hacked you must wonder about the “unhackable”?

Security Breach and Spilled Secrets Have Shaken the N.S.A. to Its Core
November 12, 2017

WASHINGTON — Jake Williams awoke last April in an Orlando, Fla., hotel where he was leading a training session. Checking Twitter, Mr. Williams, a cybersecurity expert, was dismayed to discover that he had been thrust into the middle of one of the worst security debacles ever to befall American intelligence.

Mr. Williams had written on his company blog about the Shadow Brokers, a mysterious group that had somehow obtained many of the hacking tools the United States used to spy on other countries. Now the group had replied in an angry screed on Twitter. It identified him — correctly — as a former member of the National Security Agency’s hacking group, Tailored Access Operations, or T.A.O., a job he had not publicly disclosed. Then the Shadow Brokers astonished him by dropping technical details that made clear they knew about highly classified hacking operations that he had conducted.

America’s largest and most secretive intelligence agency had been deeply infiltrated.

“They had operational insight that even most of my fellow operators at T.A.O. did not have,” said Mr. Williams, now with Rendition Infosec, a cybersecurity firm he founded. “I felt like I’d been kicked in the gut. Whoever wrote this either was a well-placed insider or had stolen a lot of operational data.”

The jolt to Mr. Williams from the Shadow Brokers’ riposte was part of a much broader earthquake that has shaken the N.S.A. to its core. Current and former agency officials say the Shadow Brokers disclosures, which began in August 2016, have been catastrophic for the N.S.A., calling into question its ability to protect potent cyberweapons and its very value to national security. The agency regarded as the world’s leader in breaking into adversaries’ computer networks failed to protect its own.

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Bill Holter’s Commentary

Time to buy more pharmaceutical stocks? Seriously, talk about a load of government BS, “people need to make lifestyle changes or start taking medication”…really? Sorry but this one really pisses me off!

New Blood Pressure Range Means Half Of Americans Have Hypertension
November 13, 2017

(Reuters) – Tighter blood pressure guidelines from U.S. heart organizations mean millions more people need to make lifestyle changes, or start taking medication, in order to avoid cardiovascular problems.

Americans with blood pressure of 130/80 or higher should be treated, down from the previous trigger of 140/90, according to new guidelines announced on Monday by the American Heart Association and the American College of Cardiology.

At the new cutoff, around 46 percent, or more than 103 million, of American adults are considered to have high blood pressure, compared with an estimated 72 million under the previous guidelines in place since 2003.

High blood pressure accounts for the second-largest number of preventable heart disease and stroke deaths in the United States, second only to smoking.

The guidelines do not change the definition of normal blood pressure as 120/80 or lower.

Potentially deadly high blood pressure can be brought under control with a wide array of medications, many sold as relatively inexpensive generics. The drug classes include angiotensin receptor blockers, such as Novartis AG’s Diovan, calcium channel blockers, like Pfizer Incs’s Norvasc, ACE inhibitors, including Pfizer’s Altace, and diuretics, such as Merck & Co Inc’s Hyzaar.

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Bill Holter’s Commentary

From my mentor “Yoda”, we have been warned of “equal wealth distribution” for several years now.

For The First Time Ever, The “1%” Own More Than Half The World’s Wealth: The Stunning Chart
November 14, 2017

Today Credit Suisse released its latest annual global wealth report, which traditionally lays out what has become the single biggest reason for the recent “anti-establishment” revulsion: an unprecedented concentration of wealth among a handful of people, as shown in Swiss bank’s infamous global wealth pyramid, an arrangement which as observed by the “shocking” political backlash of the past year, suggests that the lower ‘levels’ of the pyramid are increasingly unhappy about.

As Credit Suisse tantalizingly shows year after year (most recently one year ago), the number of people who control roughly half of the global net worth, or 45.9% of the roughly $280 trillion in household wealth, is declining progressively relative to the total population of the world, and in 2017 the number of people who were worth more than $1 million was just 36 million, roughly 0.7% of the world’s population of adults. On the other end of the pyramid, some 3.5 billion adults had a net worth of less than $10,000, accounting for just about $7.6 trillion in household wealth. And inbetween is the so-called global middle class – those 1.4 billion people whose rising anger at the status quo made Brexit and Trump possible.

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As the report authors write, there is just one group to have benefited from the Fed’s post-crisis monetary policies: ” Our calculations show that the top 1% of global wealth holders started the millennium with 45.5% of all household wealth. This share was about the same until 2006, then fell to 42.5% two years later. The downward trend reversed after 2008 and the share of the top one percent has been on an upward path ever since, passing the 2000 level in 2013 and achieving new peaks every year thereafter. According to our latest estimates, the top one percent own 50.1 percent of all household wealth in the world.”

As the bank then laconically adds, “Global wealth inequality has certainly been high and rising in the post-crisis period.” And as the chart below shows, in 2017, for the first time ever, the richest 1% now controls just over half, or 50.1%, of global wealth.

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Bill Holter’s Commentary

Say it isn’t so…even in the hallowed halls of Congress?

Lawmakers describe pervasive sexual harassment on Capitol Hill

November 14, 2017

Efforts to combat sexual harassment on Capitol Hill gained momentum on Tuesday as female lawmakers shared stories of male colleagues engaging in predatory behavior.

Lawmakers in both parties had already expressed support for mandatory sexual harassment awareness training, which is currently voluntary for legislative branch staffers. But they went further in a House Administration Committee hearing on Capitol Hill’s harassment policies and said even more can be done in a male-dominated workplace where sexual harassment can be pervasive.

Rep. Jackie Speier (D-Calif.), in testimony before the panel, said at least two current members of Congress have engaged in sexual harassment.

“In fact, there are two members of Congress, Republican and Democrat, right now, who serve, who have been subject to review or not have been subject to review, but have engaged in sexual harassment,” said Speier, who declined to name the male lawmakers.

Rep. Barbara Comstock (R-Va.) offered another example. She shared a story of a male lawmaker — still in Congress — who asked a young female staffer to bring materials to his residence. He opened the door dressed in only a towel, invited her inside and proceeded to expose himself.

The staffer subsequently quit her job.

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A Trip Down The Rabbit Hole Of Insanity In The Markets
November 11, 2017

Today one of the greats in the business spoke with King World News about how he traded the U.S. stock market crash in 1987 and the Japanese stock market bubble in 1989, what to expect in the gold, silver and mining space as well as what investors can do to stay sane and keep their cool as we come to the end of the greatest bubble in history.

Eric King: “Bill, when I looked at your Q&A’s recently, you expressed that you had been receiving a number of emails from frustrated people and (you pointed out that) sometimes that will be near an inflection point. People around the world are frustrated, and their frustration isn’t just the market action but the lack of reality.”

Fleckenstein responds: “Yes. Yes.”

Eric King: “What would you say to them?”

A Trip Down The Rabbit Hole Of Insanity

Bill Fleckenstein: “All you can say is, ‘This too will pass.’ And if I told them, for sure, that January 1st it was all going to change, people are so demoralized that wouldn’t even be good news to them because they would say, ‘I’ve got to endure this for another six weeks?’ People are very worn out, I think, that haven’t been participating in the central bank-fueled madness. And all these signs of that frustration are indicative that we are very late in the cycle. Look, I understand it is frustrating but we’re kind of near the end, and we are close to a moment in time when there will be a chance to make plenty of money doing things that seem sane as opposed to things that seem insane. But in between now and then you just have to be tough and suck it up.

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Bill Holter’s Commentary

Everything is hackable…

Hackers Say They’ve Broken Face Id A Week After Iphone X Release
November 12, 2017

When Apple released the iPhone X on November 3, it touched off an immediate race among hackers around the world to be the first to fool the company’s futuristic new form of authentication. A week later, hackers on the actual other side of the world claim to have successfully duplicated someone’s face to unlock his iPhone X—with what looks like a simpler technique than some security researchers believed possible.

On Friday, Vietnamese security firm Bkav released a blog post and video showing that—by all appearances—they’d cracked Face ID with a composite mask of 3-D-printed plastic, silicone, makeup, and simple paper cutouts, which in combination tricked an iPhone X into unlocking. That demonstration, which has yet to be confirmed publicly by other security researchers, could poke a hole in the expensive security of the iPhone X, particularly given that the researchers say their mask cost just $150 to make.

But it’s also a hacking proof-of-concept that, for now, shouldn’t alarm the average iPhone owner, given the time, effort, and access to someone’s face required to recreate it.

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Bill Holter’s Commentary

Maybe they just now heard about Fukushima?

Thousands of scientists sign ‘Warning to Humanity’ letter predicting an imminent apocalypse

More Then 15,000 Scientists From Around The World Have Signed A Terrifying Letter Warning Of An Imminent Apocalypse
November 13, 2017

The message is called “Warning to Humanity” and is an ominous vision of the grim fate awaiting our planet.

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The scientists believe environmental impacts were likely to inflict ‘substantial and irreversible harm’ to the Earth

The message updates an original Warning from the Union of Concerned Scientists, which was made in 1992.

Now the global scientific community’s view of the future is even bleaker.

Apart from the hole in the ozone layer, which has now been stabilised, every one of the major threats identified in 1992 has worsened.

Runaway consumption of precious resources by an exploding population remains the biggest danger facing humankind, say the scientists.

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Bill Holter’s Commentary

How much do you want to bet the next market meltdown is blamed on this?

Algorithms With Minds of Their Own

November 12, 2017

Everyone wants to know: Will artificial intelligence doom mankind—or save the world? But this is the wrong question. In the near future, the biggest challenge to human control and acceptance of artificial intelligence is the technology’s complexity and opacity, not its potential to turn against us like HAL in “2001: A Space Odyssey.” This “black box” problem arises from the trait that makes artificial intelligence so powerful: its ability to learn and improve from experience without explicit instructions.

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Bill Holter’s Commentary

You can bet this deal will not look or work out like similar deals done in the past with South American countries. This is China they are dealing with!

Silk Road Fund, General Electric Set Up Energy Infrastructure Investment Platform
November 10, 2017

BEIJING – The State Administration of Foreign Exchange (SAFE) said Thursday that the Silk Road Fund and General Electric (GE) had established a joint energy infrastructure investment platform.

The fund and GE Energy Financial Services signed a deal to create an investment platform in Beijing in November, SAFE said in a statement.

“The two sides will make joint investment in infrastructure projects in the fields of power grid, new energy, and oil and gas, in countries and regions along the Belt and Road,” SAFE said.

“The cooperation between the Silk Road Fund and GE will not only boost cooperation between high-end manufacturing companies from China and the US, but also promote economic development of the regions where their investment goes,” the statement said.

Designed to finance the Belt and Road Initiative, the Silk Road Fund was founded in December 2014 and is jointly backed by China’s foreign exchange reserves, China Investment Corp, the Export-Import Bank of China and China Development Bank.

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Jim Sinclair’s Commentary

Well our worse fear has come true. We were not conspiratorialists but rather seeing clearly.

Tin foil hats are REAL!

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Bill Holter’s Commentary

When is a default, not a default? In the past pretty much always, it will be interesting to see the rationale behind this one not being a “default”?

Default Day Looms For Cash-Strapped Venezuela
November 10, 2017

Caracas (AFP) – Venezuela slipped inexorably towards a formal debt default Friday, with analysts saying it was all but inevitable for the sinking OPEC state which owes about $150 billion.

“With Venezuela’s state-owned oil company having reportedly failed to make a principal payment on a bond that has now matured, credit default swaps are likely to be triggered on Friday,” market analysts Capital Economics said.

A group of creditors assembled under the aegis of a global financial body, the International Swaps and Derivatives Association (ISDA), will meet in New York at 11:00 am (1600 GMT) to review whether an overdue $1.1 billion payment on a bond issued by Venezuela’s state oil company PDVSA has triggered a “credit event.”

“They can either make a decision at this meeting or vote to have another meeting to discuss the question further,” an ISDA spokeswoman told AFP by email.

President Nicolas Maduro’s cash-strapped socialist government must repay at least $81 million on another PDVSA bond by this weekend, at least $1.47 billion interest on various bonds by the end of the year, and then about $8 billion in 2018.

That’s a tough prospect, as the country has less than $10 billion in hard currency reserves.

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Bill Holter’s Commentary

Yay rah rah common core! Just throw more money at it, that should do the trick?

13 Baltimore High Schools Have Zero Students That Are Proficient In Math
|November 9, 2017

For the past several weeks, one Fox affiliate in Baltimore has been publishing some staggering stories about the Baltimore public school system under an investigative series called “Project Baltimore.” Just a few weeks ago we noted one of those stories in which an undercover teacher admitted that public schools routinely pass kids that never even bother to show up for class a single day during the school year.

Now, a stunning new installment of the Project Baltimore series from Fox 45 reveals that 13 public high schools sprinkled around Baltimore, of the city’s 39 total, had exactly 0 kids that tested proficient in math.

An alarming discovery coming out of City Schools. Project Baltimore analyzed 2017 state testing data and found one-third of High Schools in Baltimore, last year, had zero students proficient in math.

Project Baltimore analyzed 2017 state test scores released this fall. We paged through 16,000 lines of data and uncovered this: Of Baltimore City’s 39 High Schools, 13 had zero students proficient in math.

Achievement Academy

Carver Vocational-Technical High

Coppin Academy

Excel Acadamy @ Francis M. Wood High

Forest Park High

Frederick Douglass High

Independence School Local 1

Knowledge and Success Academy

New Era Academy

New Hope Academy

Northwestern High

Patterson High

The Reach! Partnership School

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Jim Sinclair’s Commentary

The most endangered specie on the planet in on two legs. It is the pensioner.

The Ponzi scheme that’s more than 100x the size of Bernie Madoff

November 10, 2017

By January 1920, much of Europe was in total chaos following the end of the first World War.

Unemployment soared and steep inflation was setting in across Spain, Italy, Germany, etc.

But an Italian-American businessman who was living in Boston noticed a unique opportunity amid all of that devastation.

He realized that he could buy pre-paid international postage coupons in Europe at dirt-cheap prices, and then resell them in the United States at a hefty profit.

After pitching the idea to a few investors, he raised a total of $1,800 and formed a new company that month– the Securities Exchange Company.

Early investors were rewarded handsomely; within a month they had already received a large return on investment.

Word began to spread, and soon money came pouring in from dozens, then hundreds of other investors.

By the summer of 1920, the company’s founder was receiving more than $1 million per day from investors.

His name was Charles Ponzi. And as you could guess, it was a total scam.

Ponzi wasn’t really generating any investment returns. He was simply taking the new investors’ money to pay the old investors.

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Jim Sinclair’s Commentary

Too late, her fate is sealed.

Who Got To Her? Brazile Suddenly Changes Tune On DNC ‘Rigging’ For Hillary
November 7, 2017

Was the 2016 Democratic Party primary process between Hillary Clinton and Bernie Sanders a “fair” fight?

“I believe it was,” said former Democratic National Committee interim chair Donna Brazile, who was suddenly singing a very different tune Tuesday in an interview with CBS.

In her new book released Tuesday, “Hacks: The Inside Story of the Break-ins and Breakdowns that Put Donald Trump in the White House,” Brazile had said exactly the opposite – indicating she doesn’t believe “the fight had been fair.”

Brazile explains that, when she took the helm of the DNC, she promised Sanders she “would get to the bottom of whether Hillary Clinton’s team had rigged the nomination process, as a cache of emails stolen by Russian hackers and posted online had suggested.”

Clinton vs. Sanders not a ‘fair’ fight

The following is an excerpt from Brazile’s new book describing the moment she discovered a eye-opening deal between Clinton and the DNC that, she says, “looked unethical” and “compromised the party’s integrity”:

I had tried to search out any other evidence of internal corruption that would show that the DNC was rigging the system to throw the primary to Hillary, but I could not find any in party affairs or among the staff. I had gone department by department, investigating individual conduct for evidence of skewed decisions, and I was happy to see that I had found none. Then I found this agreement.

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Bill Holter’s Commentary

In the old days, $4 billion would cause a $40 drop. It seems not much bang for their buck anymore!

Gold Slammed After Someone Pukes $4 Billion Notional In Gold Futures
November 10, 2017

As we approach the European close, the dolar index just spiked and precious metals (and crude) were pummeled. Gold futures tumbled on massive volume as over $4 billion notional was purged instantaneously…

Over 30,000 contracts ripped through gold futures – over $4.2 billion notional – in the space of a minute. That’s around 10% of a normal days’ volume.

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NOTE – $1281 is the 100-day moving average that has been an equiliborum level for the last few weeks…

Silver was hit too as the dollar spiked…

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Bill Holter’s Commentary

More sealed indictments?  Maybe, just maybe they are pulling the drain plug?

 

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Bill Holter’s Commentary

We used to do this as kids when our parents were out, now a machine does it for us? Can a machine be “grounded” for being bad?

Echo Breach Cops Raid Music Fan’s Flat After His Alexa Amazon Echo Device ‘Holds A Party On Its Own’ While He Was Out
November 8, 2017

A MUSIC fan has been left with a huge bill after his voice-operated Amazon Echo device threw a house party while he was away.

Cops were forced to break into Oliver Haberstroh’s flat in Hamburg, Germany, after neighbours complained about deafening music blasting from inside – but found the apartment empty. clip_image002

The smart speaker system allegedly blasted music at 2am while Mr Haberstroh was drinking with friends

Mr Haberstroh claims he walked out of his flat to meet friend on Friday night after checking that the lights and music were switched off.

He wrote on Facebook: “While I was relaxed and enjoying a beer, Alexa managed on her own, without command and without me using my mobile phone, to switch on at full volume and have her own party in my apartment”

“She decided to have it at a very inconvenient time, between 1.50am and 3am. My neighbours called the police.”

After knocking on the door, the officers called an expert to break the lock open – and refused to hand over keys for the replacement until they’d been paid for the locksmith.

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The American Dream Is Now A Nation Of Low Paid Bartenders And Waitresses
November 4, 2017

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“In our own times we see that politicians raised under neoliberalism are unwilling and unable to effectively use real Keynesian policies: they can’t do stimulus, when they try, they give the money primarily to the rich.

They grew to power by being neoliberals; faced with new times they cannot change. In France we saw the main center-left party (really a neoliberal party) implode because it would just not change, and throughout the West center-left neoliberal parties are dying for just this reason. The world has changed, the people who run those parties cannot change…

Our societies have failed to run themselves acceptably since 2008, and the youngs have no attachment to the status quo since it never ever worked for them. Change is thus not only possible, it is now inevitable.”

Stocks were rallying off the jobs report.

The American dream is now a nation of low paid bartenders and waitresses, living from paycheck to paycheck, preyed upon by corporate behemoths in healthcare, housing, and finance. They are a sleeping giant.

And because of the increase in wickedness, the love of many will grow cold. But those who stand to the end, firm in the faith, will be saved. And the good news of the kingdom of God will be given as a witness to all nations.

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Bill Holter’s Commentary

They do tell the truth once in a while!

Sean Parker: We Built Facebook to Exploit You
November 9, 2017

Facebook’s founding president Sean Parker — Justin Timberlake in The Social Network, if that’s how you keep track of the platform’s key players — sat down with Axios’s Mike Allen at an event in Philadelphia this week.

Parker, who now chairs the Parker Institute for Cancer Immunotherapy, was there to discuss advances in cancer research — but nevertheless managed to squeeze in a few comments about building Facebook. What he had to say is not going to make Zuck happy.

Confirming what you basically know, but probably don’t want to think about too closely, Parker explained just how he and the other early Facebookers built the platform to “consume as much of your time and conscious attention as possible.”

He described the system of users posting content and receiving likes as “a social-validation feedback loop … exploiting a vulnerability in human psychology.”

“We need to sort of give you a little dopamine hit every once in a while, because someone liked or commented on a photo or a post or whatever,” Parker said.

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Bill Holter’s Commentary

This topic is heating up for Hollywood and elsewhere. “Cheese pizza” though called by many a conspiracy is 100% real and an abomination. There is no penalty strong enough for this evil!

Exclusive: LAPD Confirms They Are Investigating Hollywood Pedophile Ring After Corey Feldman Files Formal Report
November 7, 2017

The Los Angeles Police Department is investigating a rumored Hollywood pedophile ring after Corey Feldman filed a formal police report identifying the men he claims sexually abused him as a child.

‘Corey Feldman filed a report with the Los Angeles Police Department. There is no further information at this time, and his report is being investigated,’ a spokesperson told DaillyMail.com on Tuesday.

Feldman revealed he had filed a report on Monday.

‘IMPORTANT CAMPAIGN UPD8: I JUST COMPLETED A FORMAL SIT DOWN INTERVIEW W @LAPDHQ SPECIAL DIVISION, & GAVE THEM ALL THE INFO I KNOW! THIS WAS OFFICIALLY THE 1ST FORMAL REPORT EVER TAKEN ON ANY OF MY CASES, AS SBPD NEVER FOLLOWED UP BACK IN 1993, & HAS NO RECORD OF MY COMPLAINTS,’ wrote an animated Feldman on Twitter.

He then added: ‘THE LAPD WILL BEGIN AN OFFICIAL INVESTIGATION NOW! THINGS R HEATING UP, IM PRAYING 4 SAFETY!’

Just last week, Feldman revealed the identities of two alleged child molesters he claims took advantage of him and other adolescent screen stars years ago

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Bill Holter’s Commentary

A well written and factual article by Joseph Lauria pulled down by HuffPo. Before even reading it, I figured if HuffPo pulled it down…it must be true! “Follow the money” has always been true, this is just another example.

HuffPo Yanks Article On Russiagate Hysteria By Award Winning Journalist Joe Lauria – So Here It Is
November 7, 2017

Award winning journalist and UN correspondent of 25 years, Joe Lauria, penned an outstanding article on the origins of “Russiagate” which he published to the liberal Huffington Post this week.

24 hours later, HuffPo yanked the article – leaving a dead link and a sad message in its place.

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Perhaps the insights offered in the article didn’t quite conform to HuffPo’s approved narratives, or maybe it has something to do with Lauria’s new book “How I Lost By Hillary Clinton,” with a forward written by Julian Assange.

Considering Joe Lauria’s tenure as the Wall St. Journal’s UN correspondent of nearly seven years, as well as the Boston Globe’s for six – covering just about every major world crisis over the past quarter century, his unique perspective on the matter merits a read.

Reproduced below for your edification:

The Democratic Money Behind Russia-gate

As Russia-gate continues to buffet the Trump administration, we now know that the “scandal” started with Democrats funding the original dubious allegations of Russian interference, notes Joe Lauria.

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Bill Holter’s Commentary

…And it’s gone! There will be no difference with “paper” gold and silver, if it’s not in your hand or SAFELY stored “it ain’t”!

‘$300m In Cryptocurrency’ Accidentally Lost Forever Due To Bug
November 8, 2017

More than $300m of cryptocurrency has been lost after a series of bugs in a popular digital wallet service led one curious developer to accidentally take control of and then lock up the funds, according to reports.

Unlike most cryptocurrency hacks, however, the money wasn’t deliberately taken: it was effectively destroyed by accident. The lost money was in the form of Ether, the tradable currency that fuels the Ethereum distributed app platform, and was kept in digital multi-signature wallets built by a developer called Parity. These wallets require more than one user to enter their key before funds can be transferred.

On Tuesday Parity revealed that, while fixing a bug that let hackers steal $32m out of few multi-signature wallets, it had inadvertently left a second flaw in its systems that allowed one user to become the sole owner of every single multi-signature wallet.

The user, “devops199”, triggered the flaw apparently by accident. When they realised what they had done, they attempted to undo the damage by deleting the code which had transferred ownership of the funds. Rather than returning the money, however, that simply locked all the funds in those multisignature wallets permanently, with no way to access them.

“This means that currently no funds can be moved out of the multi-sig wallets,” Parity says in a security advisory.

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