In the summer of 2016, the Ethereum ecosystem faced the most severe trust crisis in history. The DAO project developed by German startup Slock.it, a decentralized autonomous organization that once set a record for crowdfunding 11.5 million ETH (approximately $149 million) in 28 days, was exploited by hackers on June 17th due to a recursive call vulnerability in its smart contracts, resulting in the transfer of 3.64 million ETH. This attack not only caused Ethereum prices to plummet in a single day, but also sparked a philosophical debate in the crypto world about the principle of code as law.
Dramatically, due to the 28 day lock period set by TheDAO, although the hacker succeeded, they were unable to immediately monetize. This offensive and defensive battle ultimately evolved into a classic case of community governance: on July 20, 2016, Ethereum implemented a hard fork at a high level of 1920000 blocks, recovering losses by rolling back transactions, but also splitting into the Ethereum Classic (ETC) camp that adhered to the concept of immutability. This crisis unexpectedly became Ethereum’s coming of age ceremony – it forced the entire industry to rethink the boundaries between smart contract security and blockchain governance.
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