Post
Topic
Board Altcoin Discussion
Re: Ether is hacked. 8 million Ether (shit) tokens stolen. It will crash and die.
by
Zer0Sum
on 17/06/2016, 16:36:34 UTC
Ethereum wasn't hacked, the DAO was. All the coins that were stolen through the DAO's smart contract will be locked up because of a soft fork that will be released soon. Ethereum itself is fine, please don't spread wrong information

Exactly, one badly coded contract (the DAO) was hacked with a well understood exploit.

In Solidity, if send ETH is not coded in a very specific manner...
It's possible for a hacker to recursively blow through the 1024 stack depth... and bad things can happen.

Some variation on this:

http://hackingdistributed.com/2016/06/16/scanning-live-ethereum-contracts-for-bugs/

Mt. Gox resulted in an 80% decline in Bitcoin (from $1,000 to $200)...
And people that bought in late 2013 are still underwater.

The DAO hack has resulted in a 20% decline in ETH...
But, unlike the paralyzed Bitcoin leadership, Ethereum has already taken swift action (in hours)... and will move forward.

https://www.reddit.com/r/ethereum/comments/4oj7ql/personal_statement_regarding_the_fork/


If this results is the dissolution of that clusterfuck known as the DAO... this is all a NET POSITIVE.