StarkWare recovers blocked funds

StarkWare, which is an Ethereum upgrading protocol, had funds to the tune of $550,000 blocked following an upgrade. This occurrence took place because a section of funds was siloed. However, as per reliable information released, the company has managed to successfully redeem the amount. During the blocked-out period, multiple users had no access to the accounts. 

According to sources in the company, the blocking of funds was because of the 0.12.1 version upgrade that took place in the previous week. Where the users were concerned, they were asked to carry out a necessary account upgrade a while back in the case of users who were unable to comply and lost connectivity with their accounts. The accounts that were impacted amounted to $550,000. 

Currently, the upgrade has been reactivated, opening the doors for users to be able to redeem their accounts. However, in the case of the users of Argent and Braavos, they have been asked to wait a while. 

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Where the StarkWare users are concerned, they were worried about the lack of access to their funds. In one individual user’s opinion, this situation was akin to losing one’s funds in one’s bank account unless the software package was not enabled. In the case of some others, they felt it went against the commitment of decentralization and continuity that is provided by Web3.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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