August 24, 2019, 09:17:32 am

Author Topic: The DAO on the Brink of Death and Ethereum To Be Hardforked  (Read 1154 times)

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Offline MicroGuy

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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/
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Offline cryptosolar

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Re: The DAO on the Brink of Death and Ethereum To Be Hardforked
« Reply #1 on: June 18, 2016, 12:04:29 pm »
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/

it is once again happened what had to happen if things go too fast with DAO and ETH. How can such things happen to "well" developed coins ? Nobody cared about security ?

the single point of failure = Vitalik Buterin ?

just thinking...
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Offline tadspoles

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Re: The DAO on the Brink of Death and Ethereum To Be Hardforked
« Reply #2 on: June 18, 2016, 12:12:19 pm »
I am so thankful that GoldCoin has taken the slow, measured,  intelligent approach just like Bitcoin.  GoldCoin is a SOLID coin.  Money should be solid and on sound footing.  It shouldn't have the attack surface that Ethereum has. 

GoldCoin and Bitcoin make good partners!
« Last Edit: June 18, 2016, 01:41:40 pm by tadspoles »

Offline Stouse49

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Re: The DAO on the Brink of Death and Ethereum To Be Hardforked
« Reply #3 on: June 20, 2016, 02:09:18 am »
The Ethereum people had another company do security reviews.  Nevertheless an exploit was found.

https://blog.slock.it/deja-vu-dao-smart-contracts-audit-results-d26bc088e32e#.l9zh85tft
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