Ethereum Turns Unclaimed DAO Hack Funds into $220 Million Security Endowment

The Ethereum community has found a way to put the funds from the infamous 2016 DAO hack to good use. Griff Green, an original DAO curator, announced that $220 million in unclaimed funds will be allocated towards a security initiative called TheDAO Security Fund.

The fund will deploy 70,500 ETH worth approximately $206.6 million from the ExtraBalance account created during the hard fork that split Ethereum and Ethereum Classic (ETC). This amount represents about 4.5% of all ETH in existence at the time of the hack.

Green's organization, Giveth, will support grant operators selected through application processes, while the Ethereum Foundation will establish eligibility criteria for each funding round. The fund will focus on supporting Ethereum mainnet, layer 2 networks, smart contract auditing, incident response, research, user protection, infrastructure, operational security, and education initiatives.