😱 $ETH
Have you ever heard of "the DAO"? It was not just an acronym; it was a decentralized dream that turned into a nightmare in the summer of 2016! 💥
The "Decentralized Autonomous Organization" (The DAO) was the first massive experiment in fully automated governance on the Ethereum blockchain. It raised millions of dollars in record time... but the excitement did not last long.
What exactly happened?
In June 2016, a clever hacker exploited a vulnerability in the smart contract (called a "Reentrancy Attack"), and began withdrawing funds repeatedly without the contract noticing!
💸 Result: Theft of the equivalent of 60 million dollars in Ethereum (ETH) at that time!
Why is this hack so important?
This incident was not just an ordinary theft; it was a defining moment for the future of Ethereum:
Crisis of Principles: Do we intervene in the blockchain to correct human error? Or do we adhere to the principle that "code is law"?
The Great Split: The Ethereum community decided to "turn back time" by executing a "hard fork" to recover the funds. $BTC
Double Birth: The network split into two chains:
Ethereum (ETH): The new chain that canceled the hack.
Ethereum Classic (ETC): The chain that retained the original transaction record as is.
Lesson Learned:
"The DAO hack" is a powerful reminder that smart contracts are very powerful but not infallible. This incident pushed the entire industry to pay attention to strict security audits (Smart Contract Audits).
Did you know about this dramatic story? Share your thoughts in the comments 👇 ✅ 💯 $BNB
#DAO #EthereumClassic #Ethereum
