Parity Hacked Funds Returned. Propy not Affected as Ambisafe Wallet Developer Joins White Hat Group and Saves Millions of Funds

Place/Date: San Francisco, USA - August 3rd, 2017 at 1:20 pm UTC · 4 min read
Contact: Denitza Tyufekchieva, Source: Ambisafe

Propy has announced its PRO token crowdsale, to be held on August 15, 2017. The company had its pre-sale going on when the Parity attack occurred, which caused a lot of concern to the team. However, the concerns regarding the Parity issue and other attacks have subsided since then, thanks to the company’s wise choice of Ambisafe multi-sig wallets instead of Parity, which had a bug in them.

The White Hat Group members have shared that yesterday the majority of funds saved by them were returned to their owners, which included the Propy pre-sale participants. Among the members of the White Hat Group is Oleksii Matiiasevych, the developer of Ambisafe multi-sig wallet used by Propy token sale. Matiiasevych helped the group rescue millions of dollars’ worth funds from the Parity attack after he found the bug within 4 minutes.

Appreciating the efforts and contribution of Matiiasevych, the CEO of Propy Natalia Karayneva said,

“Oleksii was involved in creating our wallets and smart contracts for Propy Registry. Thanks to his vast knowledge in security and brave initiative, our pre-sale ran smoothly and our community can expect high level of security for real estate transactions at Propy.”

Propy is the world’s first global property store with a decentralized title registry stored on the blockchain. The company aims to revolutionize the real estate industry by developing a single platform on which property purchases can occur through smart contracts, allowing for more secure, rapid and cost-efficient transactions. The solution addresses the $340M cross-border market, where the leading consumers are the Chinese buying properties in the US and Americans buying properties in Europe.

The company has attracted many participants during the pre-sale and is backed by high profile names in the tech and real estate industry, such as Jeremy Gardner from Blockchain Capital, Daniel Kottke — the first employee at Apple, Alain Pinel, and Michael Arrington — the founder of TechCrunch.

Propy is committed to offering the best experience for its participants and envisions a multi-stage, multiyear process that focuses first on enabling title transfer via the blockchain starting with specific markets such as California, Dubai, London, and Ukraine.

Explaining the potential of blockchain technology and the premise behind its adoption by Propy, Natalia Karayaneva added,

“Blockchain technology is here to revolutionize the economy as we know it, but it remains immature. We are not blockchain romantics. We are not making extravagant claims and offering some massive quick fix that we’ll be unable to deliver. We’re pragmatic, seasoned business people with a sober, clear-eyed understanding of cryptocurrencies’ current limitations and commercial and regulatory obstacles.”

Propy is working with key authorities across developed and emerging markets such as California, Vermont, Ukraine, and others to enable adoption and expand peer-to-peer aspects. Propy plans to create an ecosystem that incentivizes token holders, brokers and real estate corporations, governmental entities, notaries and title companies, buyers and sellers to turn real estate assets into real commodities.

Ambisafe, Propy’s technical token sale partner, is ensuring the highest security standard for the entire token sale process to provide a smooth crowdsale experience for its participants.

Perkins Coie — Propy’s legal adviser, secures the development of the Propy’s Utility Token ecosystem and minimizes any legal risks that regulators may expose for token creators in the future framing of ICOs and Token Sales.

The full version of Propy’s whitepaper has been published and it can be accessed here.

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Disclaimer: Ambisafe is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.