BULLISH 📈 : Ethereum OGs and Vitalik Buterin establish $220M security fund

Ethereum OGs Utilize DAO Hack Funds for Security Boost

Long-term Ethereum supporters, including Vitalik Buterin, are converting $220 million of idle funds from the 2016 DAO hack into a security fund.
The initiative is spearheaded by Griff Green and other early contributors to enhance Ethereum's security.
The funds originate from two pools: the ExtraBalance contract holding 70,500 ETH (over $200 million) and a curator multisig with assets worth $13.5 million.
Most of the 70,500 ETH will be staked to generate income, while the remainder will support immediate grants using quadratic funding and ranked-choice voting.
The Ethereum Foundation will oversee eligibility, with operational support from Giveth, focusing on security audits, incident response teams, and user tools.
This move aims to bolster Ethereum's security and revive DAO development amid regulatory challenges.

The 2016 DAO Hack's Legacy

The original DAO raised over $150 million but was exploited, leading to a hard fork that created Ethereum Classic.
Despite past challenges, recent upgrades emphasize Ethereum's security and resilience.
Developers are advancing the Hegota upgrade to improve censorship resistance, aligning with community-focused governance.