Typo million ether6/23/2023 ![]() ![]() He believed in the ideas underpinning DAOs. It shook him that he’d messed up so badly and that people were losing money because of it. God, please, let this be the end of all that.īut Christoph also felt a strong sense of responsibility. The pressure made him physically ill several times. There could be a bug in the software, or maybe terrorists could figure out how to use it to fund an attack he’d be power- less to stop. There had been moments when he froze at the thought of releasing the DAO code, because once it was out in the world it couldn’t be changed. He’d battled anxiety and depression and exhaustion he’d neglected his wife and five kids. It had overtaken his life for the past six months. One of the first things Christoph felt was relief: finally the DAO saga would come to an end. Thieves were inside the DAO, his creation, robbing it at the rate of about $8 million an hour. He tried to still his breathing, to take deep breaths, to not let the world get away from him. On Friday, June 17, 2016, just after 8 a.m., Christoph Jentzsch lay on the beige carpet of the first-floor office inside. If you leave the town square and walk for about 10 minutes you’ll come to a quiet street with a police station next door is a mint-green house with brown trim and shutters. In the middle of town, old stone streets divide rows of brightly colored buildings. ![]() The town of Mittweida in the state of Saxony in Germany escaped being bombed in the Second World War. In the excerpt below, readers find themselves in eastern Germany along with Christoph Jentzsch, one of The DAO’s principle architects, who woke up to realize the project he has spent months building is being robbed “at the rate of about $8 million an hour.” Over the past four years he has been reporting out the story told in the book, examining blockchain data, following through on cryptic tips and ultimately tracing a path towards his leading suspect. Leising, who has been covering the crypto industry for the better half of a decade, had called out sick from work the day a hacker absconded with $55 million in stolen ETH. While the attack never broke Ethereum’s code – it merely exploited a loophole in The DAO’s smart contract – it cast doubt over the viability of a blockchain-based “world computer.” It was also the beginning of Ethereum’s two Ethereums. ![]() See also: David Siegel – Understanding The DAO Attack Related: Ethereum Gas Fees Drive Gnosis-Powered Prediction Market to xDai's Layer 2 “It’s not overstating it to say that the DAO made Ethereum.” That’s because it was one of the earliest examples that Ethereum’s network of computers was resilient enough to support complex applications. “he DAO had a huge part to play in the early history of Ethereum,” Leising writes. Weeks earlier the DAO went live, following a $150 million crowd sale. In June 2016, a here-to-now unknown assailant (or assailants) began syphoning off funds from Ethereum’s first decentralized autonomous organization, or DAO, a bit of software that functions like a corporation. Bloomberg News reporter Mathew Leising’s new book, “Out of the Ether: The Amazing Story of Ethereum and the $55 Million Heist That Almost Destroyed It All”, tells the story of the infamous DAO hack that almost brought down the world’s second-largest blockchain. ![]()
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