Cryptocurrency Platform Ethereum Raided by Hacker, $50 Million Stolen

A hacker removed $50 million in Ether through the Decentralized Autonomous Organization, plunging investors into a panic, many argue that no theft has happened.
Ether, the digital currency that was billed while the ‘next’ bitcoin, plunged in value on Friday when a hacker exploited a software flaw into the Decentralized Autonomous Organization (DAO), sending very same of $50 million Ether into the ether and the cryptocurrency investment community into a panic.
If this sounds bewildering, we are going to try to explain.
Ether is the currency supported by the Ethereum blockchain, a platform designed to provide greater flexibility for decentralized peer-to-peer-traded currencies than projects developed on top for the bitcoin protocol. Ethereum permits the creation of ‘smart agreements,’ which enables all types of business deals and never just currency transfers.
The DAO is a totally leaderless organization built on the Ethereum platform and run entirely on computer code. It makes use of these smart contracts to construct a venture capital fund devoted to sponsoring cryptocurrency that is new. All DAO decisions are taken via a vote of its people who use digital tokens, purchased with Ether, to register their vote. In this manner, DAO had raised $162 million to help investment fledgling projects.
Remain Calm
But DAO users watched in horror, in real-time, on Friday, as a hacker exposed a software flaw to sipho