A system failure presented critical weaknesses and ended millions in cryptocurrencies in the hands of a hacker that shook Ethereum’s future.
In an ecosystem where every second it is worth millions, Cryptocurrencies demand extreme security. However, not even the best code resists if there is Vulnerabilities Without patching. One of the most serious cases left in sight how fragile could be a digital revolution based on trust.
The theft of millions In the Ethereum network not only marked an economic loss. It also generated an ideological and technical fracture within one of the most innovative communities of decentralized finances. The attack put the philosophy of the immutable code in check.
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Gentileness: Beinrypto
The Dao hacking that marked a before and after in the world of cryptocurrencies
In 2016, he was born The Daoa decentralized autonomous organization that captured global attention by allowing investors vote projects and move funds Without intermediaries. Worked on the block chain of Ethereum and raised more than 150 million dollars In Ether, attracting Thousands of users.
The model proposed a digital cooperative managed by intelligent contracts. But one Code failure He opened the door to a devastating attack. A hacker A vulnerability known as “recursive call” exploded and drained approximately 3.6 million ETH tokens, which was equivalent to about 70 million dollars at that time.
The thief did not empty all the funds. The reason: the system had a waiting period before the stolen Ether could move to a personal portfolio. That window was key for the community to react and evaluate an urgent exit to the generated chaos.
The event showed the limitations of blockchain technology when faced with human decisions. And what in principle was a revolutionary experiment, became a crisis that exposed the cracks of a decentralized promise.
Ethereum’s creator’s response after millions
VITALIK BUTERINbrain behind Ethereum, proposed a radical solution: prevent stolen funds could move. The idea divided the community. While some defended the purity of the code, others chose to protect investors.
Finally, the network bifurcó. A new version of Ethereum was created that returned the funds to its owners. The original, who did not recognize this decision, became called Ethereum Classic. Thus a double reality was born in the crypto world, with lessons that still resonate in the present.
Source: Ambito
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