What is the exploit behind Parity's multisig wallet from 2017-07-19 – ethereum.stackexchange.com

What is the exploit behind Parity's multisig wallet from 2017-07-19 – ethereum.stackexchange.com

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Right now (2017-07-19, 10pm CEST), there is an alert from Parity that there is an ongoing exploit on their multisig wallet. What is the cause and mechanism of this exploit?

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