XRP User Locked Out of $200K Due to Multisign Error – Major Fix Coming Soon!

• XRP user locked out of $200K due to multisign error.
• Proposed amendment could unlock $200K locked in XRP account.
• XRP Ledger community proposes fix for complex nested multisign issue.

A shocking incident has rocked the XRP community, as a user found themselves locked out of a $200,000 XRP account due to an accidental multisignature setup. According to Wietse Wind, the user unknowingly created a “nested multisign” setup, which resulted in a scenario that left them unable to access their funds.

This complex error occurred when the user set up multisign for their XRP account and, in a separate step, applied the same multisign setup to the accounts involved in the multisignature system. While XRP Ledger permits nested multisign configurations, it also creates a condition that can never be resolved. Even with access to the secret keys for the nested accounts, XRPL won’t accept the signatures because of the nesting issue.

The situation created widespread concern, as the locked funds amounted to a substantial $200,000 in XRP. However, as Wind pointed out, there was no quick fix available. The core issue stemmed from the fact that the XRP Ledger operates on a principle of “code is law,” meaning such configurations could not be undone without a code amendment.

Also Read: Something Big is Brewing on the XRP Monthly Chart – What You Should Know

Major Fix in the Works

After extensive consultations with the XRP Ledger community and development experts, Wind revealed a potential solution in the form of a proposed amendment. This amendment aims to introduce nested multisignature validation, allowing signer lists to delegate signing authority to other accounts, which could also have their own signer lists.

Wind confirmed that the amendment has already been submitted to the official XRP Ledger codebase. It is now up to the validators to review and vote on it. If the amendment passes with more than 80% support over the next two weeks, it will be included in a future XRP Ledger release. This would ultimately resolve the issue for the locked-out user, allowing them to regain access to their $200,000 XRP.

As the amendment progresses through the validation process, the XRP community remains hopeful that this solution will not only unlock the user’s funds but also prevent similar incidents from happening in the future.

Also Read: Seoul Police Lose $1.5 Million in Bitcoin Seized During Investigation: Here’s How

The post XRP User Locked Out of $200K Due to Multisign Error – Major Fix Coming Soon! appeared first on 36Crypto.