Cryptocurrency Q&A
What was the DAO hack on Ethereum?
What was the DAO hack on Ethereum?
GwanghwamunGuardianAngelWings
Tue Jul 02 2024
|
5 answers
1217
The DAO hack on Ethereum was a significant event that shook the cryptocurrency world in 2016. The Decentralized Autonomous Organization (DAO), which was billed as a groundbreaking experiment in decentralized governance and funding, suffered a major security breach. Hackers exploited a vulnerability in the DAO's smart contract code, enabling them to withdraw over 3.6 million Ether from the organization's funds. This attack highlighted the risks of deploying untested and potentially flawed smart contracts on the blockchain, and it sparked intense debate about the future of decentralized applications and their security. The hack led to a hard fork of the Ethereum network, splitting the community into two separate blockchains: Ethereum Classic, which upheld the original chain, and Ethereum, which implemented a change to reverse the hack and refund investors.
5 answers
Silvia
Thu Jul 04 2024
On the date of June 17, 2016, a significant attack targeted the DAO, a decentralized autonomous organization in the cryptocurrency ecosystem.
Was this helpful?
288
28
GinsengGlory
Thu Jul 04 2024
The attack capitalized on a combination of vulnerabilities, a prime example being the exploitation of recursive calls.
Was this helpful?
186
95
GyeongjuGloryDaysFestivalJoy
Thu Jul 04 2024
As a result of this attack, a staggering amount of 3.6 million Ether was transferred out of the DAO's control.
Was this helpful?
255
25
emma_anderson_scientist
Thu Jul 04 2024
This represented approximately a third of the total 11.5 million Ether that had been committed to the DAO's operation.
Was this helpful?
122
61
MysticChaser
Wed Jul 03 2024
At the time of the attack, the value of the stolen Ether was estimated to be around $50 million.
Was this helpful?
366
73
