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$280 Million in Ethereum Value Frozen — SONM Multisig Unaffected

As has already been made public in the international press, many holders of Parity multisig wallets lost access Tuesday, November 7, to $280 million worth of Ethereum. The latest information seems to suggest that this is the result of a bug in the Parity code that was triggered Tuesday by an anonymous user. The owners of Parity multisig wallets created after July 20th have had their funds frozen. Most of those affected are blockchain startups and ICO-projects.

SONM (Supercomputer Organized by Network Mining), had by design decided not to use a Parity wallet to store invested funds. As a result, SONM has been shielded from these outages, and continues to have access to its resources. The SONM team has been able to continue development and business operations without interruption.

The overall cryptoeconomy appears to not have been affected by the Parity bug. As of today, November 9th, the price of Ethereum is up 5%, to $317. SNM (the SONM token) continues to build momentum, posting an astonishing +24% price increase.

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