The Locked Ether Collective Urges Development of a Structured Recovery Framework for Ethereum Users

Proposal for Recovery Protocol: The Locked Ether Collective (LEC) is proposing the Ethereum Fund Recovery Protocol (EFRP) to create a structured recovery framework for ETH investors affected by locked or lost wallets due to early safety standard gaps.

Historical Context: The proposal is partly in response to incidents like the Parity Wallet Freeze in 2017, which froze 598 multi-signature wallets and affected an estimated 513,743 ETH, highlighting the need for a community-driven solution for those who have lost access to their funds.

Decentralized and Fair System: The EFRP aims to be a decentralized, transparent, and rule-based system that allows legitimate owners to recover inaccessible ETH without altering Ethereum’s core protocol or requiring hard forks.

Community Involvement: The LEC, composed of individuals directly impacted by the Parity wallet freeze, is inviting other members of the Ethereum community to participate in discussions about the EFRP, emphasizing a collaborative approach to addressing systemic technical flaws.