Ethereum Developers Drain The DAO Funds to Address Alleged New Smart Contract Vulnerability

The Ethereum development community is moving funds away from the DAO in an attempt to thwart a new alleged attack, according to new reports.

Alex Van de Sande, the chief architect and developer of the Ethereum Foundation, announced the news on Twitter, following news that more funds were being drained from the DAO’s smart contracts. He said the move was in response to a new vulnerability in the DAO’s smart contract code, which had previously seen millions of dollars stolen from the project’s smart contracts.

The address used by Ethereum developers to transfer funds - click here to view. So far, more than 7 million Ether has been transferred, with a value of more than $100 million. TheDAO is now almost emptied.

However, TheDAO’s funds have been sent to another address, whether due to the alleged attack threat or for other reasons is unclear. The address currently has more than 10,000 ether accumulated.

Funds from The DAO were also sent to a third address that held more than 260,000 ether.

The Ethereum community is currently debating whether to fork the blockchain to prevent the attack that took place last week.

Van de Sande was not immediately available for comment.