Finance News
By Julie Binoche
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Griff Green wants change. The Ethereum developer said January 29 he's planning to use leftover money from the infamous 2016 DAO hack to boost security across the network, marking…
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The DAO got hacked back in 2016 for around $60 million worth of Ether, which was huge money at the time and basically forced Ethereum to do a controversial hard fork that split…
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Green's got serious street cred in Ethereum circles. He thinks it's time to act.
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"It's critical to invest in the security of our ecosystem," Green said, and he's not wrong about needing proactive measures given how wild crypto can get.
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Ethereum's had its share of ups and downs over the years, with security being a constant headache for developers and users alike.
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The DAO hack basically became a cautionary tale about decentralized finance risks and got everyone talking about better security protocols.
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Timing matters here too - blockchain security practices are getting way more scrutiny as the industry grows up and regulators start paying attention.
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Nobody knows exactly how much unclaimed money we're talking about. Green didn't specify the dollar amount being allocated to security efforts, and there's no clear timeline for…
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The announcement got people talking though - some see it as a smart way to finally do something productive with money that's been sitting idle for years.
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And there's the Ethereum 2.0 transition happening at the same time, which is this massive upgrade from proof-of-work to proof-of-stake that's supposed to make everything more…
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The Ethereum Foundation hasn't said anything official about Green's proposal yet, which is interesting since their backing would probably make or break the whole thing.
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Bankless reported the unclaimed funds could be worth millions, though exact figures stay under wraps.
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But the Foundation's silence remains pretty notable. Their endorsement or criticism could really sway community opinion and determine whether this initiative gets off the ground…
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Green's plan basically takes one of Ethereum's biggest embarrassments and tries to turn it into a strength.
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The broader Ethereum ecosystem has seen over $3.8 billion lost to hacks and exploits since 2020, according to blockchain security firm Chainalysis.
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