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21 September 2020

The $55M Hack That Almost Brought Ethereum Down - CoinDesk

The $55M Hack That Almost Brought Ethereum Down - CoinDesk

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Now that the cryptocurrency ether had been created, the question that plagued Christoph’s mind was: How could it best be used.

Christoph and the rest of the team felt comfortable with the idea that DAO token holders would vote to fund their startup, out of courtesy to the creators of the DAO, if nothing else.

According to’s lawyers, the token sale wouldn’t be considered a security offering in part because the DAO had thousands of founders?

What does that say about what Ethereum did with its ether crowdsale.

Doesn’t that imply that ether is a security.

The ether sale raised $18 million; cofounders such as Joe Lubin and Anthony Di Iorio were adamant that ether was not a security, but really all they had to back that up was their own opinions and the legal opinion from a lawyer in a situation that hadn’t been vetted by a government agency like the SEC!

Under this logic, either a DAO token or ether is a security, but both of them can’t escape the designation.

And while work on the underlying Ethereum network was important, no one would use a network that doesn’t have applications on top of it

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