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1/16/2025 3:08:20 PM (GMT+1)

The History of DAO Creation and Its Hacking

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DAO (Decentralized Autonomous Organization) is an autonomous organization governed by smart contracts on the blockchain. It was conceived as a way to create decentralized solutions without the need for centralized institutions. In 2016, the DAO project drew the attention of the cryptocurrency community due to its ambitious approach. However, just a few months later, a hack occurred. Hackers found a vulnerability in the smart contract that allowed them to withdraw over $50 million in Ether. This incident became a pivotal moment for rethinking security in blockchain and led to the creation of the Ethereum Hard Fork, which returned the funds to investors.


This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.



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