The $55M Hack That Almost Brought Ethereum Down

The $55M Hack That Almost Brought Ethereum Down

(Dmytro Tyshchenko/Shutterstock)

Bloomberg News reporter Mathew Leising’s new book, “Out of the Ether: The Amazing Story of Ethereum and the $55 Million Heist That Almost Destroyed It All”, tells the story of the infamous DAO hack that almost brought down the world’s second-largest blockchain.

In June 2016, a here-to-now unknown assailant (or assailants) began syphoning off funds from Ethereum’s first decentralized autonomous organization, or DAO, a bit of software that functions like a corporation. Weeks earlier the DAO went live, following a $150 million crowd sale.

“[T]he DAO had a huge part to play in the early history of Ethereum,” Leising writes. “It’s not overstating it to say that the DAO made Ethereum.” That’s because it was one of the earliest examples that Ethereum’s network of computers was resilient enough to support complex applications.

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