This quesiton is of urgent importance. I seemingly made a random NEM address the parent of my main account as a Multi-Signator. Idk how this happens, but it has my funds in danger as I have no control of them anymore. Please help!
No, you can not turn a multisig account back into a standard account.
Whatever address you made a signer, is now the address that can initiate and sign transactions.
Any suggestions on how to proceed?
I previously knew the address as it was in my transaction history, now in its place it say “Parent co-signer…”
the address for the parent that is. I’m seriously perplexed as to what address as inputted. My attempt was to make a new account on my phone the child account…next thing I know, I’m checking my new multisig account’s address and it doesn’t match the one that was made the Parent…
Saul, I’m not sure of your roll but would you be able to triage your resources to this issue. It’s of critical importance right now involving a lot my funds being compromised due to this Multi-Sig error
Also worth noting, I read this about Multi-Sig accounts “You may also edit this contract at any time adding or removing signers. You can even remove the contract and turn the child account into a regular account again.” from the following link https://www.nem.io/faq.html#whatsPoi
Hey Saul, any idea what would be the basis of this message on the NEM FAQ?
Sorry, that FAQ is awfully outdated. I am working on implementing a new FAQ soon.
Here is a better explanation:
“Transferring Accounts
If a person believes their private key of an account has been compromised, instead of transferring out all the XEM and mosaics from that account, they can simple make that account a 1-of-1 multisig. An account that has not been compromised can be assigned to be the 1-of-1 signatory over that account and a person can know their funds are secure. If there is another threat, then the account can be signed over to yet another newly created account.”
taken from here:
You will need to have access to the XEM address that is listed as a cosigner.
Hi Sean, you can locate a list of co-signatories on a NEM account searching by wallet address on the nembex explorer.
I’m not sure there is anything you can do. In order to modify the account you need co-signatories to do that. Since you don’t have access to those accounts you can’t modify them.
When you turn an account into a multi-sig account that account can no longer issue tx. Only the co-signatories can. So creating a multi-sig account with just 1 co-signatory makes no sense as you’re basically just ending up with another account that handles all the funds. The original account does NOT become a co-signatory. It’s basically just the storage account at that point.