Unclaimed Ethereum from The DAO hack to fund new security initiative: Griff Green

Unclaimed Ethereum tokens from the infamous 2016 hack connected The DAO volition beryllium redirected into a caller information money aimed astatine strengthening the network, says Ethereum advocator Griff Green.

“There’s a batch of wealth conscionable sitting successful random contracts that were expected to beryllium returned to radical who were affected by the hack,” Green said successful an interrogation connected Thursday with Unchained podcast big Laura Shin, reiterating plans to motorboat the information fund. 

The DAO was a decentralized autonomous enactment that an anonymous hacker exploited successful June 2016 to siphon much than $50 cardinal worthy of Ether astatine the time.

The incidental led to a hard fork of the Ethereum blockchain to retrieve the funds, which divided the assemblage and yet created 2 abstracted chains, Ethereum and Ethereum Classic.

Griff Green spoke to Laura Shin connected the Unchained podcast connected Thursday. Source: Unchained

Green explained that the hard fork returned a batch of the Ether (ETH) held successful The DAO to token holders, but the claims process was not straightforward. Green said that definite “edge cases” were handled done a multisignature wallet helium joined, involving astir $6 million. 

While much than 80% of those funds person since been claimed, the remaining equilibrium is present worthy astir $200 million. “We’re going to involvement them and usage the gross to really enactment Ethereum security,” helium said.

Making Ethereum safer than a slope is the goal

“It makes consciousness that The DAO is present going to beryllium focused connected security,” Green said.

“We truly privation to instrumentality to our guns with The DAO and unrecorded up to the sanction of The DAO, truthful we’re going to absorption connected DAO benignant distributions,” helium said.

Green said that portion The DAO has an “incredible” excavation of developers susceptible of identifying information projects to support, the precedence volition beryllium connected information organisation methods, including retroactive funding, quadratic funding, condemnation voting, and ranked-choice voting, with the purpose of strengthening the broader ecosystem.

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“I truly privation to spot The DAO information money travel to a spot wherever radical consciousness that it’s safer to store assets connected Ethereum than successful a bank,” Green said.

“The DAO truly kickstarted the information manufacture successful Ethereum,” Green added, noting that earlier the hack, determination was efficaciously nary audit market, but afterward, astute declaration audits became widespread. 

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