Crypto history
The DAO: code, governance and the 2016 split
The application incident and the community's response became separate parts of Ethereum history.
研究文章和参考条目以英语发布。导航提供七种语言。
The DAO incident in 2016 led to a disputed response in the Ethereum community and a chain split. The history illustrates that a smart-contract system operates within a social process: people still decide which software and history to follow after a major failure.
The SEC later published a 2017 investigative report concluding that the DAO tokens it examined were securities. That report concerned the facts and economic arrangement of that offering. It should not be treated as a one-line legal classification for every later DAO.
Two different questions
Technical analysis asks how assets could move and which controls failed. Governance analysis asks who had the authority and practical ability to respond. Both matter to participants, and neither can be reduced to the slogan that code decides everything.
For a contemporary treasury, examine proposal rights, voting power and execution conditions. For a contract review, examine the precise deployment and upgrade powers. See DAO governance and audit scope.
来源
资料核对日期：2026年9月5日. Historical cases retain the date and legal status of the cited record.