19 Jun '16, 8am

Now that's scary. DAO May Be Dead After $60 Million Theft

In the world of cryptocurrency, seven-figure heists are a rite of passage. And today, Ethereum, a much-hyped blockchain currency and autonomous software platform, has come of age. This morning, participants in a lavishly-funded investment vehicle called The DAO woke up to an onslaught of alarm bells when it was discovered that a hacker had utilized a vulnerability in the code to drain the fund. At 4 a.m., Griff Green , a developer for Slock.it, a company based in Germany that is building on the Ethereum blockchain and created The DAO, sent out this alert on the community’s Slack channel: “The DAO is being attacked. It has been going on for 3-4 hours, it is draining ETH at a rapid rate. This is not a drill.” By midday, the attacker had stolen over 3 million Ether (Ethereum’s native currency), which at the time was worth more than 60 million U.S. dollars. The DAO is a public...

Full article: http://spectrum.ieee.org/tech-talk/computing/networks/dao...

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