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IPFS News Link • Ethereum Platform

Ethereum Inventor: We Got 'Very Lucky' In Gamble to Save $56M From Hacker


The fork was made to erase a glitch that enabled an anonymous hacker to drain millions of dollars worth of the platform's currency, ether, from a crowdsourced investment fund built on top of Ethereum called the DAO—or the Distributed Autonomous Organization. The idea is also to refund the money that was stolen from the DAO and its contributing members.

The hard fork created two blockchains—the ever-growing record of every Ethereum transaction and the basis for any code on the platform—one with the old code, and one running on the new. Ether deposits and withdrawals on popular platforms such as Poloniex and Kraken were suspended until the Ethereum community definitevely moved over to the new chain by updating their software.

"This event absolutely does not signify that every single future incident on the Ethereum blockchain will be grounds for yet another fork"