Parity phrases have no checksum or ability to enforce certain standards, such as strength or length.There is certainly much more that we are unaware of. At the time of this writing, no less than 9 ETH from 15 accounts has been confirmed stolen. They are being brute forced as we speak.Humans are not capable of generating enough entropy and therefore the wallets derived from phrases humans make up can be easily brute forced.Here is Parity's statement on the issue.They are insecure: People are using them as brain wallets.Do not delete your Parity Phrase wallet in case you ever need it again (maybe you forgot to send a token or accidentally send ETH to it in the future).Moving forward, use your new wallet, not your old, Parity Phrase wallet.If you have ETC: click the node switcher in the upper right corner and select 'ETC' and send any ETC you have to your new wallet.Then, send any ETH you have to your new wallet.If you have Tokens: send any tokens you have to your new wallet.Return to the old version of MyEtherWallet.Unlock your new wallet, and send 0.00245 ETH back to your original address. In a new tab, go to the current version of MyEtherWallet.Paste your address from the new wallet you just generated into the 'To Address' field.Unlock your old wallet via your Parity Phrase.Click on dist-v3.9.0-parityenabled.zip.Copy your address on the right hand side.Due to a rapid increase in the amount of issues & lost ETH surrounding the 'Parity Phrase' option on MyEtherWallet, we have opted to remove it to prevent future loss. MyEtherWallet aims to deliver an easy-to-use and secure platform.

Etherwallet key cracker