On June 17th, it was reported that The DAO was hacked and had $50 million stolen from its funds. The initial reaction was dramatic as both the DAO token (DAO) and Ethereum (ETH) lost a large percentage of their values within hours.
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ETH, DAO Values Plummet
The event has spurred a discourse on how successful both could ultimately become, with some still optimistic about their respective futures, while others are a little bit more pessimistic.
In the hours after the DAO hack became known, both the DAO token and Ether began to dramatically dip in price. ETH and DAO bottomed out after losing 20% and 55% of their respective values before the hack. The two cryptocurrencies initially recovered with ETH rebounding back and settling at $18 USD, but this still ultimately represented a loss of 9% over a 24 hour period.
Just as recently as January, 2016, ETH was only trading at about $0.70 before beginning its upward trajectory to $21 before the exploit was discovered.
This success had been seen as largely the result of the experimental DAO, which started as decentralized investment vehicle for ethereum-based startups. In many ways, it began with the DAOs record breaking
Read more ... source: TheBitcoinNews
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