21 Jun '16, 9pm

Bitcoin rival Ethereum fights for its survival after $50 million heist

Bitcoin rival Ethereum fights for its survival after $50 million heist

Imagine a $50 million diamond heist that isn't investigated by any police body, and more than four days later, the broken vault that made the whole thing possible remains unfixed and suffers follow-on attacks by a group of marauding copycats. In essence, that's what's happening to an elite group of investors holding Bitcoin rival Ethereum, and the events threaten the very survival of the fledgling cryptocurrency. The ransacked jeweler in this parable is The DAO , a crowdfunded investment fund that relies on highly specialized computer code and Ethereum to automatically execute investment decisions made by its members. On Friday, thieves exploited a software bug that allowed them to transfer more than 3.6 million "ether" —the base unit of the Ethereum currency—out of The DAO's coffers. The digital loot made up more than a third of The DAO's 11.5 million ether endowment. The...

Full article: http://arstechnica.com/security/2016/06/bitcoin-rival-eth...

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The bitcoin-like DAO was the biggest crowdfunded project ever. Then someone stole $50 million from it.

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Sometime in the wee hours Friday, a thief made off with $50 million of virtual currency. The victims are investors in a st...