Friday, June 17, The DAO, the first Ethereum-based decentralized venture fund, was attacked. The project announced it in its official blog, the community’s Slack channel, and in social media. For the next few hours, the events took a dramatic turn.
The DAO’s official blog proposed a possible roadmap to mitigate the attack’s consequences. In particular, the team offered to spam the project’s Ethereum address to slow down the drainage.
ETH tokens kept on flowing to the attacker’s address with majesty and grace. At the moment of writing, the contract’s balance counts 3,641,694 ETH tokens, which is worth around $64 million. However, the attacker won’t be able to withdraw the tokens from the child DAO for the next 27 days, which is the creation window for a child DAO.
The DAO tokens have rapidly cheapened by nearly 60%, and stood at 0.000071 BTC against 1 DAO. Ethereum also was responsive of the attack, and the cryptocurrency’s price dropped below 0.02 BTC at a moment. Vitalik Buterin has urged crypto-exchanges to halt depositing and withdrawing amounts and to suspend the trade.
Full Story: http://forklog.net/recursive-call-the-dao-on-the-brink-of-death-and-ethereum-to-be-hardforked/
