The DAO was the name of the first major DAO on Ethereum initially intended to invest in Ethereum ecosystem projects. In April and May of 2016, The DAO sold 12 million ETH in exchange for 1.15 billion DAO Tokens valued at approximately $150 million at the time. Before The DAO had a chance to invest the funds, The DAO was hacked and slowly drained of it’s treasury. A hard fork was initiated to roll back the Ethereum blockchain resulting in the Ethereum Classic chain where the hacked ETH still resides in the attacker’s wallet.
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