DAO Ethereum What Happened Hacked

[Someone47]

What happened with the DAO and   Ethereum?


I just read shocker :


The DAO is Dead, Devs Say.

http://www.coindesk.com/the-dao-is-closing-down

Stephan Tual (founder) said:

"The DAO is definitely going to close. The money moved to a child DAO is going to be put back into the contract, and it [will] only have one function, withdraw."

I need TL;DR with maximum 10 words sentence please.

I understand DAO before scandal not either. Ethereum not either. What is them?

Need explanation

Thanks you.

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[thejaytiesto]

It's very easy. Someone very smart, found a way to LEGALLY exploit a smart contract. He didn't add code, didn't twist anything, just found a weakness on the code itself. Since the idea of DAO is "proceed as coded", he legally deserves all the stolen money.
The fact that Vitalik is trying to rollback to steal the money from the hacker is, in my book, a death sentence for ETH. I would move ALL of my funds to BTC if you haven't already. The thing is, it seems Vitalik froze ETH market as well.. which is the ultimate fuckup.

[kingorbust]

Why didnt hacker just take far less and get away with it? For example just ETH worth million $ or so. They would not shut down the DAO, nothing would happen,he would get rich. Now he lost everything.

This makes me think it could be something planed. To bring down dao, hurt ETH or maybe even inside job or whatever.

[Juliamit]

Why didnt hacker just take far less and get away with it? For example just ETH worth million $ or so. They would not shut down the DAO, nothing would happen. Now he lost everything.

This makes me think it could be something planed. To bring down dao, hurt ETH or maybe even inside job or whatever.

That could be true. He could just take less than 1 million and sell short in the market to make profit and then then return the stolen 1 milllion to the DAO.

[mining1]

Dao devs screwed up and the hacker exploited it to steal the money. But he cannot withdraw for 4 weeks and eth team will assist dao devs to prevent this steal. Short term will be bad for eth because of the panic,trolls and fud, but mid and long term will be much better. Atm the day traders use this oportunity to increase their eth bags , sell high and buy low thanks to fud and trolls.