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Main => General Discussion => Topic started by: crypto4ever on June 18, 2016, 01:27:52 am

Title: >$50 USD Million worth of ETH stolen by DAO bug?
Post by: crypto4ever on June 18, 2016, 01:27:52 am

So smart contracts on the ETH blockchain can have these things happen to them?

https://blog.ethereum.org/2016/06/17/critical-update-re-dao-vulnerability/ (https://blog.ethereum.org/2016/06/17/critical-update-re-dao-vulnerability/)

Quote

An attack has been found and exploited in the DAO, and the attacker is currently in the process of draining the ether...

Title: Re: >$50 USD Million worth of ETH stolen by DAO bug?
Post by: BunkerChainLabs-DataSecurityNode on June 18, 2016, 01:30:35 am

Can happen to any poorly written smart contact anywhere.

Title: Re: >$50 USD Million worth of ETH stolen by DAO bug?
Post by: crypto4ever on June 18, 2016, 03:05:12 am

Quote from: BunkerChain Labs on June 18, 2016, 01:30:35 am

Can happen to any poorly written smart contact anywhere.

That's a fair statement with 2 exceptions:

1. Over $50 Million U.S. dollars was "stolen" in this event.  This is a terribly big deal.

AND

2. Smart contracts are still new, and so is the language and structure.  I wouldn't recommend heavily investing in anything like this until the technology is proven and better understood.

Which means:

Caution, caution, caution.

Title: Re: >$50 USD Million worth of ETH stolen by DAO bug?
Post by: pc on June 18, 2016, 07:51:29 am

Quote from: BunkerChain Labs on June 18, 2016, 01:30:35 am

Can happen to any poorly written smart contact anywhere.

Shameless plug: https://steemit.com/bitshares/@cyrano.witness/before-entering-into-a-smart-contract--read-the-fine-print