- After a 10-year hiatus, TheDAO is reviving to fund Ethereum security with over $220 million in unclaimed Ether.
- Pseudonymous researcher Fade discovered forgotten plans to use the funds, leading to the proposal for a security fund.
- The TheDAO Security Fund will stake the ETH, use yields for grants, and be led by Ethereum co-founder Vitalik Buterin among others.
A pseudonymous researcher’s sleuthing has resurrected TheDAO, the hacked venture fund, to now stake $220 million in unclaimed Ether for Ethereum security after 10 years. In 2016, TheDAO raised over $150 million but was promptly hacked, almost killing the nascent blockchain.
However, a contentious fork recovered the stolen Ether, with unclaimed funds set aside for security after January 31, 2017. Consequently, a wallet held hard-to-claim Ether, controlled by individuals like crypto entrepreneur Griff Green.
Meanwhile, researcher Fade found the old blog post committing these funds to security, as he wrote on X. Fade then proposed activating the funds, inspiring the current initiative.
Green confirmed this in a blog post, stating “TheDAO Security Fund will activate more than 75,000 ETH (over $220M) to strengthen Ethereum’s security”. The fund will be guided by the Ethereum Foundation‘s Trillion Dollar Security initiative.
Moreover, Ethereum users will vote on funding allocations over multiple rounds. Rather than distributing the Ether, TheDAO will stake it, with yields funding security work ongoing.
Leaders include Ethereum co-founder Vitalik Buterin and MetaMask security researcher Taylor Monahan. Green added, “TheDAO Security Fund marks the start of a new phase for Ethereum’s security story.”
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