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DAO Security Breach, Millions of Dollars At Stake
« on: June 22, 2016, 01:52:08 PM »
The recent security breach encountered by DAO network raised some serious concerns regarding the so called safeguarded decentralized system. The Decentralized Autonomous Organization (DAO) that was set up to support Ethereum projects had been attacked by anonymous black hats who tried to steal its cryptocurrency reserves. It is reported that somewhat around 3.6 million ethers have been stolen in the process and the stolen amount is valued more than $60 million. As a matter of fact, DAO had accumulated up to 9.5 million ethers so far, one third of which has been drained by the attackers.

However, the organization claims that the money is not completely lost and chances are, most of it will be recovered back soon. The co-founder of Ethereum and one of the DAO curators named Vitalik Buterin reported through a blog post that the stolen ethers are in a child DAO right now and it will take at least 27 days for the attackers to withdraw the entire amount.

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