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On July 20, 2016, a hard fork occurred on the Ethereum network, rolling it back to fix an error made by developers in The DAO smart contract.
This error resulted in the hack of the contract and the theft of ~$150 million from major investors, including funds from Ethereum's leadership team, like Gavin Wood. The situation was quickly saved thanks to Ethereum's charismatic leader, Vitalik Buterin, who convinced the majority that investors' money should be returned by rolling back the "decentralized" network to the point before the hack.
The decentralization they deserved.