TheDAOHack
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DAO Hack: The story that divided Ethereum and created ETC! 💔🔗
Understanding Ethereum Classic (ETC) is impossible without knowing the history of the hack of The DAO (Decentralized Autonomous Organization) in 2016, which became a turning point for Ethereum.
The DAO: Was one of the first major projects on Ethereum, representing a decentralized venture fund managed by smart contracts.
Hack: Due to a vulnerability in the DAO code, an attacker was able to withdraw over 3.6 million ETH (approximately $50 million at the time) from the fund.
Community Dilemma: A sharp debate arose: should we intervene in the blockchain to "rollback" the hack and return the funds, or should we adhere to the principle of "Code is Law," leaving the immutability of the blockchain intact?
Hard Fork: The majority of the Ethereum community (and most developers) voted for a hard fork that "reversed" the hack. This new chain became what we know as Ethereum (ETH).
Birth of ETC: The minority that refused this intervention continued to support the original, unaltered chain, naming it Ethereum Classic (ETC).
This incident will forever remain one of the most significant events in blockchain history, spawning two major cryptocurrencies.
#EthereumClassic #ETC #DAO #TheDAOHack #Ethereum $ETC
Understanding Ethereum Classic (ETC) is impossible without knowing the history of the hack of The DAO (Decentralized Autonomous Organization) in 2016, which became a turning point for Ethereum.
The DAO: Was one of the first major projects on Ethereum, representing a decentralized venture fund managed by smart contracts.
Hack: Due to a vulnerability in the DAO code, an attacker was able to withdraw over 3.6 million ETH (approximately $50 million at the time) from the fund.
Community Dilemma: A sharp debate arose: should we intervene in the blockchain to "rollback" the hack and return the funds, or should we adhere to the principle of "Code is Law," leaving the immutability of the blockchain intact?
Hard Fork: The majority of the Ethereum community (and most developers) voted for a hard fork that "reversed" the hack. This new chain became what we know as Ethereum (ETH).
Birth of ETC: The minority that refused this intervention continued to support the original, unaltered chain, naming it Ethereum Classic (ETC).
This incident will forever remain one of the most significant events in blockchain history, spawning two major cryptocurrencies.
#EthereumClassic #ETC #DAO #TheDAOHack #Ethereum $ETC
⚔️ The DAO Hack: Ethereum’s First Crisis
In June 2016, Ethereum faced its first existential threat when a decentralized investment fund called The DAO was hacked. The attacker exploited a smart contract bug to drain 3.6 million ETH, worth about $60 million at the time.
💥 The DAO was one of Ethereum’s earliest and largest experiments in decentralized governance. It had raised over 14% of all ETH in existence — and the hack shook the entire community.
🧠 The Ethereum developers proposed a controversial solution: a hard fork to reverse the attack and return the stolen funds. This led to a split in the community.
⛓️ The result? Two separate blockchains were born:
• Ethereum (ETH) – with the reversal
• Ethereum Classic (ETC) – keeping the original chain
📚 This event remains one of the most debated in crypto history and highlighted the tension between code immutability and community consensus.
🏷️ #TheDAOHack
#EthereumHistory
#ETHvsETC
#CryptoGovernance
#BlockchainDebate
In June 2016, Ethereum faced its first existential threat when a decentralized investment fund called The DAO was hacked. The attacker exploited a smart contract bug to drain 3.6 million ETH, worth about $60 million at the time.
💥 The DAO was one of Ethereum’s earliest and largest experiments in decentralized governance. It had raised over 14% of all ETH in existence — and the hack shook the entire community.
🧠 The Ethereum developers proposed a controversial solution: a hard fork to reverse the attack and return the stolen funds. This led to a split in the community.
⛓️ The result? Two separate blockchains were born:
• Ethereum (ETH) – with the reversal
• Ethereum Classic (ETC) – keeping the original chain
📚 This event remains one of the most debated in crypto history and highlighted the tension between code immutability and community consensus.
🏷️ #TheDAOHack
#EthereumHistory
#ETHvsETC
#CryptoGovernance
#BlockchainDebate
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