Even by cryptocurrency standards, “The DAO” received a lion’s share of hype upon its release. Publicized as a truly decentralized autonomous organization, The DAO promised to be the future of smart contracts. However, last week someone exploited a flaw in The DAO’s code, siphoning off over 3.6 million Ether (worth over $60 million at the time of the incident).
Many in the media have been calling this an “attack,” although one could argue that when code equals law, someone who exploits flawed code has done nothing illegal, or even unethical.
Further, even putting aside the morality of the exploit itself, a fierce debate has arisen about how to respond to the incident. Some are calling on the leaders of The DAO and Ethereum to roll back the blockchain so that the absconded Ether can be recovered.