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Cryptocurrency-Backed Venture Capital Fund Hacked; Ether Plunges

Posted on June 17, 2016 by Dissent

Olga Kharif reports:

Hackers moved some digital money from the Decentralized Autonomous Organization, a cryptocurrency-backed venture capital fund, sending the price of ether — the virtual currency underlying the project — plunging.

Vitalik Buterin, co-founder of Ethereum, which supports ether, asked exchanges in a Reddit post to “please pause ETH and DAO trading, deposits and withdrawals until further notice,” as hackers were draining DAO’s funds. In a follow-up posting to Ethereum.org, Buterin proposed a software fix that he hopes will neutralize the hack and prevent the funds from being spent.

Read more on Bloomberg.

Category: Business SectorHackOf Note

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