Ethereum Taps Unclaimed DAO Hack Funds for $220 Million Security Endowment

The Ethereum network has announced plans to utilize unclaimed funds from its 2016 DAO hack to create a $220 million security initiative. TheDAO Security Fund will deploy 70,500 ETH worth approximately $206.6 million that remained unclaimed in the ExtraBalance account created during the hard fork.

Griff Green, an original DAO curator who participated in the White Hat Group rescue effort, announced the initiative will stake 69,420 ETH to generate roughly $8 million in annual yield for ongoing security grants.

The funds originated from TheDAO crowdsale when the token price increased near closing, with some participants paying between 1.05 and 1.5 ETH per 100 DAO tokens rather than the initial 1 ETH rate.