Rollercoaster Ride for ETH-USD as Solution Arises for DAO Attack

Placeholder-Ethereum-Price-ZigZagVirtual currencies slumped to fresh lows as the DAO, a decentralised organisation built upon the Ethereum blockchain, was attacked earlier this morning. BTC-USD and ETH-USD both sustained large losses with Bitcoin now trading around $740 while ETH-USD posted a low of $13.511 on the Kraken exchange. It was suggested that attackers exploited a vulnerability in the organisation’s software and allowed them to ‘drain’ millions of Ether from its $130 million stockpile.

The community initially responded by spamming the network to slow down the attacker; DAO-BTC and ETH-BTC then saw dumps as it appeared that the attack was still on-going. It then became apparent over 3.5 million Ether had been drained from the DAO; this attack was on the DAO code and Ethereum is still working as it it supposed to. The Ethereum community was able to show good mobilization as exchanges, miners, experts in the field and the Ethereum foundation came together to mitigate the attack.

Following this, the Ethereum foundation published a statement describing a solution to the attack whereby a hardfork could to be used to retrieve all stolen funds. A soft-fork will be available in the meantime and miners can

Read more ... source: TheBitcoinNews