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CEO of a Singapore blockchain company allegedly hacked The DAO for $70 million

Toby Hoenisch, co-founder and CEO of failed Singapore-based blockchain business TenX, might have been behind the infamous breach of The DAO in 2016

Toby Hoenisch Allegedly Behind the DAO Hack which Resulted in the Loss of $70m

According to crypto writer Laura Shin’s latest book, Toby Hoenisch, co-founder and CEO of failed Singapore-based blockchain business TenX, might have been behind the infamous breach of The DAO in 2016. The theft of 3.6 million ether (ETH), worth US$70 million at the time, was the outcome of the breach.

TenX announced that it would cease operations and shut down in December 2021. Shin stated in a Forbes article that Hoenisch raised $80 million in 2017 and was conducting its operations out of Singapore at the time of the DAO breach.

The claims appear to have been dismissed by the Austrian programmer. In an email answer to Shin’s questions, Hoenisch said that the statement and conclusion is false

The DAO was established in April 2016 following one of the greatest crowdsourcing efforts in history. A token sale saw US$150 million in ETH being raised. However, hackers exploited a flaw in The DAO’s technology to shift one-third of its cash to a new account a few months later.

Following community outcry, Ethereum’s operators were compelled to hard-fork the blockchain network in order to return all money to the original contract. As a result, the Ethereum network was split into two halves, each with its own coin. Ethereum Classic is the continuation of the original unforked blockchain.

The DAO was also prematurely delisted from key cryptocurrency exchanges as a result of the event, with its tokens, known as Dao, being delisted.

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