...t wasn’t just any code. It was the guts of the newest breakthrough in software design related to blockchain, the novel combination of decentralized computing and cryptography that gave life to the virtual currency bitcoin in 2009. ...
...Rather than moving bitcoin from one user to another, the ethereum blockchain hosts fully functioning computer programs called smart contracts—essentially agreements that enforce themselves by means of code rather than courts. ...
...This staggering amount of money lived inside a program called a decentralized autonomous organization, or DAO. Dreamed up less than a year earlier and governed by a smart contract, the DAO was intended to democratize how ethereum projects are funded....
... Smart contracts such as the DAO are built to be entirely reliant on their code once released on the ethereum blockchain. That meant the DAO code couldn’t be fixed...
...Later, when Gün pointed to the error in line 666, Daian replied, “Don’t think so.”....
...It was Friday morning, and software developers all over the Western world were waking up to the news that the DAO, which Jentzsch had created, was being attacked. Gün had been right...
..THIS IS THE story of one of the largest digital heists in history. And while you may have heard last year that hackers breached Swift, the bank-to-bank messaging system, and stole $81 million from Bangladesh’s central bank, the DAO attack is in a different category altogether. It played out in front of anyone who cared to watch and couldn’t be stopped. ..
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