PANews reported on January 30 that according to The Block, Griff Green, an early developer of Ethereum, announced that he will use the remaining funds that were not claimed in the 2016 “The DAO” hack to launch a new security fund called “TheDAO Security Fund”. These funds, originally set aside for the return of victims of special circumstances, represent about 20 per cent of the total amount and are now worth about $200 million.
The fund will hold approximately 70,500 ETH (from the ExtraBalance withdrawal contract) and approximately 4,600 ETH equivalent DAO tokens (from TheDAO Curator Multisig), and will support the operation through staking income. The funds will be used to support the Ethereum security ecosystem, and the funding mechanism will adopt grassroots-oriented models such as quadratic financing and retroactive funding, and the Ethereum Foundation Grants Management team will be responsible for the eligibility review of each round of funding. The action is seen as part of the Ethereum Foundation’s “Trillion Dollar Security Plan.”
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