DAO Hack, Attacker Sends Open Letter to Ethereum Community

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The DAO platform was in trouble yesterday, following a hacking incident yesterday the platform is said to have lost about $50 million worth of digital currency. However, there is a good possibility that the stolen ether associated with the DAOs can after all be recovered, preventing huge losses to thousands of investors in the platform.

According to a recent update on the Ethereum blog, Vitalik Buterin, the creator of the platform has mentioned that all the investor funds are safe at the moment. He also goes on to explain the exploit utilized by the attacker and the process used to drain funds. All funds drained from the DAO in the form of ether are currently housed in a child DAO. The attacker is said to have exploited the recursive calling vulnerability by calling a split function and again calling a split function recursively inside the split to collect a lot more ether in one single transaction.

Ether safe for now

While the child fork managed to collect $50 million in ether, it can’t be withdrawn until the creation of child DAO is finished, which incidentally will take another 27 days. The Ethereum development community has decided to counter the issue by introducing a

Read more ... source: TheBitcoinNews

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