As June 2016 got underway, there was a new attraction in the crypto space.
And that was DAO (Decentralized Anonymous Organization). This entity had raised about $150 million from excited investors online.
Everyone couldn’t wait to see it go live. And then the unexpected happened. On the 16th June 2016, a hacker exploited weakness on a single line of its code and siphoned out about $50 million of the funds.