- Earlier this year, investors put about $150m of Ether into the DAO.
- “An attack has been found and exploited in the DAO, and the attacker is currently in the process of draining the Ether contained in the DAO into a child DAO,” wrote Ethereum founder Vitalik Buterin in a blogpost about the incident .
- Mr Buterin has proposed that the system be changed to make all the addresses holding Ether in the separate or “child” DAO invalid.
- The attack targeted an investment fund called the DAO which is based on technology derived from the Bitcoin crypto-currency.
- But one DAO participant noticed a flaw in the way that tokens were transferred between members – this allowed them to siphon off about 3 million of the tokens into a separate DAO of their own.
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@PeteStatham: “Hack attack hits #blockchain and drains start-up investment fund #cybersecurity -”
Hackers have taken control of virtual cash worth $60m (£41m) by exploiting a bug in a system designed to help start-ups.
Hack attack drains start-up investment fund