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The Decentralized Autonomous Authority Organization (DAO) was a digital venture-capital fund instantiated on the Ethereum blockchain. It carried a decentralized, stateless business model for commercial and non-profit businesses. In May, 2016 DAO was crowdfunded via token sale, totaling over US$150 million from more than 11,000 investors. During this time a series of vulnerabilities, including recursive calls among others, were set forth by the Ethereum community, who urged that these issues needed to be addressed by the DAO team. In June, DAO was subject to an attack, using a combination of vulnerabilities, which managed to siphon 1/3 of the total token fund, totaling approximately US$50 million.
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