28 Aug '16, 1pm

How a $64M hack changed the fate of Ethereum, Bitcoin's closest competitor

Picture this: A thief steals millions of dollars by hacking into an investment fund. What if you could just hit the undo button and get that money back? That was the dilemma that the creators of Ethereum, an upstart digital currency platform, recently faced. Founded in 2015 by a group of researchers led by Russian-Canadian Vitalik Buterin — then only 19 years old — its currency, ether, is the second-most valuable digital currency after bitcoin. But the currency suffered a blow recently after a hacker siphoned $64 million worth of ether from investors. In the wake of the hack, Buterin decided to turn back the clock through a software update and reset the entire system to its previous state — i.e., before the hack. The reset created a so-called hard fork, which split Ethereum into two parallel systems. Buterin assumed most users would move to the reset platform, but the fork...

Full article: http://www.cbc.ca/news/technology/ethereum-hack-blockchai...

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