kaal:claim:2939127-030

Fundamental flaws in the DAO's code let hackers move one third of its total funds to a subsidiary account, and that hack together with further technological limitations destroyed the DAO initiative.

Source quote, verbatim

Alas, things went terribly wrong with the DAO. Fundamental flaws in the DAO code enabled hackers to transfer one-third of the total funds to a subsidiary account.92 This hack in combination with additional technological limitations brought down the DAO initiative.

From

Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Legal Education in the Blockchain Revolution (2017), III.4. Limitations, p. 33
https://ssrn.com/abstract=2939127 · source PDF

Cite as

Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Legal Education in the Blockchain Revolution (2017). SSRN: https://ssrn.com/abstract=2939127

Holds when

the DAO as launched in May 2016 on Ethereum

Classification

failuresupport: evidencedfailure: dao-code-exploitfamily: smart-contract-bug-and-exploitdaosmart-contractsgovernance-design

Related claims

restated_by kaal:claim:3373393-030 Fundamental flaws in the DAO code enabled hackers to transfer one third of total funds to a subsidiary account...
restates kaal:claim:2922176-035 Fundamental flaws in the DAO's code allowed hackers to move one third of contributed funds to a subsidiary acc...
extended_by kaal:claim:2998033-007 The DAO failed because of fundamental flaws in its own code, which allowed hackers to move one third of its fu...
extended_by kaal:claim:3227933-035 Fundamental flaws in the DAO's code allowed hackers to transfer one third of the total contributed funds to a ...
restated_by kaal:claim:3071378-012 The DAO failed because its code had not yet been perfected: hackers took a third of the DAO tokens and transfe...

Verify

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Attestation record: colloquium/attestations/c59334de44a673c2...json
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