‘The DAO is back!’: Ethereum dev Griff Green to use unclaimed hack funds for new Ethereum security fund

Longtime Ethereum developer Griff Green announced the creation of The DAO Security Fund, utilizing approximately 20% of the unclaimed funds from the infamous 2016 DAO hack. These unclaimed funds, initially $6 million but now worth around $200 million, will be redeployed to support Ethereum security, an area Green believes remains the industry's biggest problem, citing ongoing phishing and wallet draining attacks.

The new fund will be launched in collaboration with the Ethereum Foundation and will utilize about 70,500 ETH from an ExtraBalance Withdrawal contract, plus other assets, which will be staked to fund operations. Allocations will be determined through bottom-up mechanisms like quadratic funding and retroactive funding, with the Ethereum Foundation's Grants Management team setting eligibility. Prominent figures including Vitalik Buterin and Taylor Monahan have been named as curators for the fund. Green noted that while the return of 'The DAO' name might alarm some, this iteration is focused purely on security improvements, contrasting with the original venture capital fund structure that led to the chain split between Ethereum and Ethereum Classic.

(Source：The Block)