Cryptocurrency Q&A
Did The DAO attacked code issue leads to $60 million ether theft?
Did The DAO attacked code issue leads to $60 million ether theft?
KimchiQueenCharm
Wed Sep 25 2024
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6 answers
1802
Could you elaborate on the incident where the DAO's code vulnerability resulted in the theft of $60 million worth of Ether? What were the specific vulnerabilities that were exploited, and how did the attackers manage to carry out such a large-scale theft? What measures were put in place to prevent similar incidents from occurring in the future? Additionally, how did this event impact the trust and stability of the Ethereum network, and what were the long-term consequences for the DAO and its investors?
6 answers
noah_harrison_philosopher
Fri Sep 27 2024
In response to the hack, the Ethereum community faced a difficult decision. The stolen funds represented a significant portion of the total ether supply, and their loss would have had far-reaching consequences for the cryptocurrency's value and adoption.
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GwanghwamunGuardianAngelWings
Fri Sep 27 2024
The DAO's inception marked a pivotal moment in the world of cryptocurrency. However, its existence was short-lived, as it suffered a devastating hack within a few months of its launch. This event shook the foundations of the decentralized autonomous organization concept.
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CryptoBaroness
Fri Sep 27 2024
The magnitude of the hack was unprecedented, with over $60 million worth of ether being stolen from The DAO's coffers. The incident raised questions about the security of smart contracts and the Ethereum blockchain itself.
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CryptoTamer
Thu Sep 26 2024
Ultimately, the community decided to take drastic action. A controversial fork of the Ethereum blockchain was initiated, creating a new version of the network with a modified history that excluded the theft.
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CryptoTitan
Thu Sep 26 2024
This fork, known as the Ethereum Classic (ETC) fork, allowed the stolen ether to remain on the original blockchain, while the new fork, Ethereum (ETH), returned the stolen funds to their rightful owners.
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