/biz/ - Business & Finance

DAMAGE REPORT
-4% today, but I had 1/3 in cash

not a pnd joined 100k thank

tldr:

A smart contract on the blockchain called The Dao, is like an investment firm that people purchased a stake in for Ethereum.

Someone found in the code that you were able to continuously try to split (basically take your stake) out and that the Dao would only check at the end of the transaction. So if you kept calling for a split before the previous one ended, you could split more than your stake was worth.

Someone did this and took est 60 million worth of ETH and it is not sitting in a split Dao, since due to the code, any split takes ~30 days to finalize before anything can be done. So all the funds taken are sitting in a dormant account atm.

Ethereum Foundation is proposing (must be voted) a soft fork (basically a change in how Ethereum works) to make it so that any transactions that were sent to that account where the 60 mil is are invalid so they don't happen. Then a hard fork will be made to change the Dao which will basically kill it and return everyone's ETH back.