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Cryptocurrency Platform Ethereum Raided by Hacker, $50 Million Stolen

Cryptocurrency Platform Ethereum Raided by Hacker, $50 Million Stolen

A hacker eliminated $50 million in Ether through the Decentralized Autonomous Organization, plunging investors as a panic, however some argue that no theft has occurred.

Ether, the digital money that has been billed as the ‘next’ bitcoin, plunged in value on Friday when a hacker exploited a software flaw in the Decentralized Autonomous Organization (DAO), giving the same as $50 million Ether into the ether and the cryptocurrency investment community into a panic.

If this appears bewildering, we will try to explain.

Ether is the currency supported by the Ethereum blockchain, a platform designed to offer greater flexibility for decentralized peer-to-peer-traded currencies than projects developed at the top of the bitcoin protocol. Ethereum permits the creation of ‘smart contracts,’ which enables all types of business deals and maybe not just currency transfers.

The DAO is a completely leaderless company built on the Ethereum platform and run entirely on computer rule. It uses these smart agreements to create a endeavor money fund devoted to sponsoring cryptocurrency that is new. All DAO choices are taken via a vote of its people who use digital tokens, purchased with Ether, to register their vote. In this way, DAO had raised $162 million to help fund fledgling jobs.

Remain Calm

But DAO members watched in horror, in real-time, on Friday, as a hacker exposed a software flaw to siphon $50 million of the inves

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