The value of digital currency Ethereum tanked Friday after hackers stole the equivalent of more than $50 million from an organization that controls large amounts of the cryptocurrency.
Attackers exploited a security weakness to steal more than 3.5 million Ether tokens from an organization called the DAO, which held about 9.2 million tokens before the attack, according to its website. Before the attack, the DAO held roughly 14% of all ether tokens in circulation.
Ethereum, which recently reached an all-time peak above $21 a coin, fell as low as $13.40 on the news before recovering to $16.70 in recent trade, according to data from CryptoCompare.
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