The cyberattack resulted in the average user losing $1,250 before the platform was able to trace the exploitation.
The hack was confirmed by DAO Maker CEO Christoph Zaknun in a statement, who said the situation had been"taken care of."
He added:"We decisively moved the unaffected funds to a brand-new secure wallet, while users are still able to withdraw their funds unimpeded, should they choose to do so." Zaknun wrote:"Over the next five days, DAO Maker will devise a set of solutions to alleviate the incurred damages and work in full force to bring the hacker to justice through the massive forensics investigation undertaken.
The term DAO refers to a decentralized autonomous organization, which is essentially an automatic blockchain protocol that works without people having to get involved. The benefits of a DAO is that it can lower management cost of a network because no third parties are needed, according to CoinMarketCap.
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