The leaderless ethereum project lauded for its “immense cash reserves,” is now on a mad dash to recover close to $60 million worth of ether stolen from one of its wallets.
Ethereum, as we all know, is built on the same system that powers its cousin bitcoin—the blockchain, which makes use of cryptography to hold and spend money instead of the traditional bank or credit card companies. But unlike its cousin, ethereum pushed the blockchain even further by allowing developers to build codes on top of a blockchain ledger.
The idea is experimental, but it has managed to catch the attention of some of the virtual currency’s biggest investors. The DAO, which stands for the distributed autonomous organization, is the “leaderless organization” that has managed to raise $1602 million worth of ether.
But DAO’s success has also caught the eye of someone else. Someone more sinister.