This is a humble attempt by us to recreate the DAO hack of 2016 in pictorial form, using $HASH NFTs by @prrfbeauty. The very first DAO is a revolutionary project, raised an amount equivalent to 14% of all ETH in circulation at that time.
Let's travel back to the past together.
Let's travel back to the past together.
@prrfbeauty 🔹 Decentralised Autonomous Organization, DAO, was first ideated in 2015 by a team called Slock.it
🔹 The DAO is the first decentralised and community-run fund in the world
🔹 $TheDAO token can be exchanged for Ether at a rate of 1 ether to 100 $TheDAO tokens
🔹 The DAO is the first decentralised and community-run fund in the world
🔹 $TheDAO token can be exchanged for Ether at a rate of 1 ether to 100 $TheDAO tokens
@prrfbeauty The technology around it is not mature, however
🔹 Ethereum's genesis block was mined into existence on 30th Jul 2015
🔹 Solidity - the language used for smart contracts - was only a few months old
🔹 The DAO smart contract, the first of its kind, was not battle-tested
🔹 Ethereum's genesis block was mined into existence on 30th Jul 2015
🔹 Solidity - the language used for smart contracts - was only a few months old
🔹 The DAO smart contract, the first of its kind, was not battle-tested
@prrfbeauty Why is the DAO attack historically important?
🔹 The DAO is essentially too big to fail, holding 14% of the Ether in circulation at that time
🔹 A failure of this size will erode confidence in both investors and developers
🔹 Also opens up debate on the code-is-law ethos
🔹 The DAO is essentially too big to fail, holding 14% of the Ether in circulation at that time
🔹 A failure of this size will erode confidence in both investors and developers
🔹 Also opens up debate on the code-is-law ethos
@prrfbeauty Timeline of the attack:
The DAO is born
🔹 30th April 01:42:58 AM +UTC on Block 1428757
🔹 Begins a 28-day crowd sale for investors to deposit their Ether for $TheDAO token
The DAO is born
🔹 30th April 01:42:58 AM +UTC on Block 1428757
🔹 Begins a 28-day crowd sale for investors to deposit their Ether for $TheDAO token
@prrfbeauty 🔹 10th May 2016 - Raised over US$34 million
🔹 12th May 2016 - Raised over US$50 million
🔹 15th May 2016 - Raised over US$100 million
🔹 21st May 2016 - Raised over US$150 million in total ~ 14% of Ether in circulation
🔹 12th May 2016 - Raised over US$50 million
🔹 15th May 2016 - Raised over US$100 million
🔹 21st May 2016 - Raised over US$150 million in total ~ 14% of Ether in circulation
@prrfbeauty Beginning of the End
🔹 8th Jun 2016 05:38:01 AM +UTC on Block 1664614
🔹 Hacker's malicious DAO proposal #59, aka "Lonely, so Lonely" was launched
🔹 Hacker had to wait a week for the proposal to be approved
🔹 8th Jun 2016 05:38:01 AM +UTC on Block 1664614
🔹 Hacker's malicious DAO proposal #59, aka "Lonely, so Lonely" was launched
🔹 Hacker had to wait a week for the proposal to be approved
@prrfbeauty 🔹 14th Jun 2016 09:05:22 PM +UTC on Block 1704765
🔹 Shapeshift is used to cover tracks in order to send 52 Ether into the account used later by the Hacker to drain the DAO
🔹 But before the contract can be created, Ether is needed to fund it
🔹 Shapeshift is used to cover tracks in order to send 52 Ether into the account used later by the Hacker to drain the DAO
🔹 But before the contract can be created, Ether is needed to fund it
@prrfbeauty Hash #230 - 52 Ether was sent using Shapeshift to mask tracks
opensea.io/assets/0xE18a3…
opensea.io/assets/0xE18a3…
@prrfbeauty 🔹 15th Jun 2016 04:26:02 AM +UTC on Block 1706618
🔹 Hacker votes for proposal #59
🔹 Hacker votes for proposal #59
@prrfbeauty First blood by the hacker
🔹 17th Jun 2016 03:34:48 AM +UTC on Block 1718497
🔹 The DAO is attacked using a split function
🔹 By exploiting a loophole, more Ether than entitled is withdrawn repeatedly from the DAO
🔹 30% of the Ether is withdrawn
🔹 Then the hacker stopped
🔹 17th Jun 2016 03:34:48 AM +UTC on Block 1718497
🔹 The DAO is attacked using a split function
🔹 By exploiting a loophole, more Ether than entitled is withdrawn repeatedly from the DAO
🔹 30% of the Ether is withdrawn
🔹 Then the hacker stopped
@prrfbeauty Hash #227 - The hacker starts draining the DAO using the exploit
opensea.io/assets/0xE18a3…
opensea.io/assets/0xE18a3…
@prrfbeauty A counter-attack by white hats
🔹 17th Jun 2016 09:15:33 PM +UTC on Block 1722756
🔹 Robin Hood group - white hat hackers - devised a plan to drain the remaining funds using the same route as the hacker, so no more funds can be stolen
🔹 An exploit contract is created
🔹 17th Jun 2016 09:15:33 PM +UTC on Block 1722756
🔹 Robin Hood group - white hat hackers - devised a plan to drain the remaining funds using the same route as the hacker, so no more funds can be stolen
🔹 An exploit contract is created
@prrfbeauty Hash #481 - White hat hackers group started a plan to counter-attack
opensea.io/assets/0xE18a3…
opensea.io/assets/0xE18a3…
@prrfbeauty 🔹 21st Jun 2016 05:44:21 PM +UTC on Block 1745898
🔹 Robin Hood group starts draining the remaining 70% of funds out of the DAO
🔹 Danger is far from over
🔹 The hacker can withdraw the 30% after the waiting period is over
🔹 The hacker can also sabotage the recovery attempt
🔹 Robin Hood group starts draining the remaining 70% of funds out of the DAO
🔹 Danger is far from over
🔹 The hacker can withdraw the 30% after the waiting period is over
🔹 The hacker can also sabotage the recovery attempt
@prrfbeauty Hash #478 - White hat hackers starts draining the remaining funds to prevent the hacker from stealing more
opensea.io/assets/0xE18a3…
opensea.io/assets/0xE18a3…
@prrfbeauty The DAO fork
🔹 20th Jul 2016 01:20:40 PM +UTC on Block 1920000
🔹 EIP-779 was proposed a few days earlier and scheduled to be implemented at Block 1920000
🔹 The blockchain splits up in order to rewrite history to the moments before The DAO was hacked
🔹 20th Jul 2016 01:20:40 PM +UTC on Block 1920000
🔹 EIP-779 was proposed a few days earlier and scheduled to be implemented at Block 1920000
🔹 The blockchain splits up in order to rewrite history to the moments before The DAO was hacked
@prrfbeauty 🔹 The original untampered blockchain is renamed as Ethereum Classic (ETC)
🔹 Controversial community vote because only 5.5% of total Ether in circulation voted
🔹 The sacred cow of the immutability of the blockchain is sacrificed so that Ethereum can survive
🔹 Controversial community vote because only 5.5% of total Ether in circulation voted
🔹 The sacred cow of the immutability of the blockchain is sacrificed so that Ethereum can survive
@prrfbeauty Hash #1806 - First call to withdraw 6000 $TheDAO token after the hard fork
opensea.io/assets/0xE18a3…
opensea.io/assets/0xE18a3…
@prrfbeauty Controversial issues
🔹 The hacker's action is legitimate but unethical
🔹 White hat hackers did the same, but why are their actions more justifiable? Who gets to decide?
🔹 By rolling back transactions, the immutability of the blockchain - the ethos of crypto - is challenged
🔹 The hacker's action is legitimate but unethical
🔹 White hat hackers did the same, but why are their actions more justifiable? Who gets to decide?
🔹 By rolling back transactions, the immutability of the blockchain - the ethos of crypto - is challenged
@prrfbeauty 🔹 Special thanks to @HistoriansDAO for doing the bulk of the legwork for us
🔹 Basically that includes the labour-intensive detective work of researching the block and transaction hashes of milestone events
🔹 Reference materials listed in our substack article
🔹 Basically that includes the labour-intensive detective work of researching the block and transaction hashes of milestone events
🔹 Reference materials listed in our substack article
@prrfbeauty @HistoriansDAO The entire timeline can be seen in this infographic
Links to our substack article:
thereadingape.substack.com/p/the-dao-hack…
Links to our substack article:
thereadingape.substack.com/p/the-dao-hack…
@prrfbeauty @HistoriansDAO Like our work?
✅Follow us
✅Subscribe to our substack
Apes alone weak 🦍💀
Apes together strong🦍🦍🦍💪💪💪
Stay strong, apes 🦍💪
~ End Thread
✅Follow us
✅Subscribe to our substack
Apes alone weak 🦍💀
Apes together strong🦍🦍🦍💪💪💪
Stay strong, apes 🦍💪
~ End Thread
Here's the infographic. Apparently something is wrong with my platform so that the picture attached are not uploaded properly.
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