The DAO Community Shudders With Misfortune

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Well, it’s never a dull day in crypto-land as yesterday’s overnight was pretty eventful. Bitcoin took quite a hit in value, but the talk amongst most of the community is the coordinated attack against the DAO. The DAO Hub project which had raised close to $160 million USD had caused quite a bit of attention towards this experimental project, as it was exposed for being very vulnerable last night.

“The leaked ether is in a child DAO at; even if no action is taken, the attacker will not be able to withdraw any ether at least for another ~27 days (the creation window for the child DAO). This is an issue that affects the DAO specifically; Ethereum itself is perfectly safe.” Statement from Vitalik Buterin Inventor of Ethereum


Last night an individual or a team of hackers managed to drain the DAO for 3.53 million Ether (roughly $50 million USD) which was routed to an unknown address. A vulnerability was found within the code which allowed the severe leaking of the autonomous organizations ship. There have been attempts to fix the situation with a counter

Read more ... source: LiveBitcoinNews

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