$50 Million Stolen In Virtual Currency Hack

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This Friday (June 17), a new virtual currency project called Decentralized Autonomous Organization reported that it was “being attacked.”

The new form of virtual currency, Ether, which runs on the Etherum network, is said to be the newest competition for the popular bitcoin. But people have criticized Ether because they believe it has certain vulnerabilities within its code. These vulnerabilities were exploited when a hacker emptied a large sum of money. By large we mean $50 million.

But it seems that all is not lost. The funds lost may be recoverable through a process called a ‘fork’ according to Stephan Tual, an employee at Slock.it written in an email to The Times. “The same ‘fork’ process will make it possible for the D.A.O. Ether to be transferred to a smart contract which only contains a withdraw function. Since no money in the D.A.O. was ever spent, and nothing was stolen, nothing was lost.”

Even if the millions of virtual currency can be retrieved, it has be a realization of the nightmare haunting many people involved.

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