Gavin Wood presentation hack of the DAO smart contract and options Ethereum community #dbc16
On June 20th co Founder Ethereum Gavin Wood gave a interesting presentation on the hack of the DOA smart contract.
He describes how the hack of the smart contract, unrelated to Ethereum, happend and what the options are of the community in the next 30 days.
On June 18th an attacker began exploiting a vulnerability in the code of The DAO to siphon off invested funds using a bug that went unnoticed because smart contract coding is such a new discipline, which was even missed by a professional security audit performed prior to launch. Luckily the design of The DAO has resulted in these funds being temporarily stuck in child replicas. Nonetheless, without action the attacker will eventually secure a very large amount of ETH.
Gavin’s proposal what to do as a community is here