The DAO Hack

The DAO Hack is a significant event in cryptocurrency history. In 2016, a decentralized autonomous organization (DAO) built on Ethereum was exploited due to a vulnerability in its smart contract code. Attackers drained approximately $60 million worth of Ether from the DAO. This incident led to a contentious debate within the Ethereum community. To mitigate the impact, a hard fork was proposed and implemented. This effectively reversed the hack. However, not all participants agreed with this decision, resulting in a split. This created two separate blockchains Ethereum, which adopted the fork, and Ethereum Classic, which continued on the original chain.