As CoinDeskTurns10, the Ethereum DAO hack still resonates. The community's response not only fortified its resilience but also pivoted the entire crypto narrative.
funding to … let’s fund every app on Ethereum with it.” Ultimately, the DAO would raise a stunning $150 million.
“Everything started going red, my phone and my computer,” says one member of the DAO support team. He wishes to remain anonymous, so we’ll call him ‘Igor.’] was like, look what’s going on here. He was sending me Etherscan links,” Igor recounts. “I’m not the most technical person, so I was like, ‘Guys, this doesn’t look good, right?’ And they were like, no, it doesn’t look good.”that exploited a so-called “fallback” function native to Ethereum’s then-novel coding language, Solidity.
At the same time, The DAO was quickly becoming a triple-threat to Ethereum. There was the money that could be lost, and the reputational damage. But it had also taken over the badly-needed attention of developers trying to move things forward. Specifically, the proposed hard fork simply took all the hacked funds and returned them, ultimately, to their rightful owners. The fork was like waving a magic wand and teleporting a bank vault from a robber’s hideout back into the bank.
Soon, in an echo of the block size dispute in Bitcoin, two strongly ideological sides formed on the question of hard forking Ethereum.On one side were those who might be termed pragmatists. This included not just investors who wanted their money back, but figures in the Ethereum ecosystem who saw a much broader threat to their long-term goals.
But the deeper point was simple trustworthiness. If Ethereum could be patched to take away a user’s funds – even if that user was a hacker – it raised the possibility that the same thing could happen to anyone. Wouldn’t that, hard fork opponents argued, be even more harmful to the integrity of Ethereum than letting a hacker own 5% of the chain?
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