How much money would it take to crash Ethereum?
How much money would it take to crash Ethereum? In his new book, Mathew Leising describes the $55 million hack that nearly collapsed the ETH network. Let’s look at interesting parts from the book.
How much money would it take to crash Ethereum?
Bloomberg News reporter Mathew Leising’s new book is out. The book is titled: “Out of Ether: The Incredible Story of Ethereum and the $55 Million Heist That Nearly Destroyed Everything” (Original title: Out of the Ether: The Amazing Story of Ethereum and the $55 Million Heist That Almost Destroyed It All) ).
The author tells the story of the DAO hack that Ethereum experienced in the book.. This hack nearly crashed the world’s second largest blockchain.
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June 2016 The hitherto unknown attacker (or attackers) siphoned funds from Ethereum’s first decentralized autonomous organization (or DAO for short).. DAO, an application that operates like an organization. A few weeks before this event, the DAO started operating.. Before it began work, it had crowdsales of $150 million.
Leising says of the book: “The DAO plays a big part in Ethereum’s early history.. In fact, it would not be an exaggeration to say that the DAO is what makes Ethereum Ethereum.”
Because it was one of the earliest examples of Ethereum’s computer network being flexible enough to support complex applications.
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Although this attack failed to crack Ethereum’s code, the attackers exploited it by exploiting the vulnerability in the DAO smart contract. However, this event raised doubts about the viability of the idea of a blockchain-based “world computer”.. This event also marks the beginning of the formation of two Ethereums (ETH and ETC).
Leising has been making crypto news for a long time.. Was on sick leave at home when $55M in ETH was stolen from DAO. However, he states that he did not miss the news.. It examines the events that have taken place in the last four years.. For this, he also researched blockchain data.. It is also tracking possible suspects.
In the DAO attack experienced by Ethereum, the attackers exploited $ 8 million per hour from the platform.. By the time the developers woke up to the event, $55 million was gone.
ETH was on the verge of collapse, but couldn’t.
Source
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