DAO Hardfork Set to Take Place On Wednesday, July 20th

After unanimously voting to hardfork via Carbonvote, the Ethereum community is now preparing for said hardfork to take place. Github shows that The DAO hardfork pull requests for the leading clients were recently updated with what appears to be the final code. This marks one of the most important decisions the community has had to make regarding the future of the platform. By choosing to "override" the original code, the community hopes to reclaim the funds accumulated by the perpetrator(s) of the theft that recently took place by way of child DAOs.

Rectifying the issue has been a slow process due to the complexity of the issue and the reliance on altruistic members of the community for progress on the fix. On July 27th, as per the original contract rules, the attackers will be able to withdraw the stolen funds, adding to the pressure to sort out the issue.

The currently proposed hardfork will roll back the blockchain and restart the distributed ledger with the stolen funds in a new smart contract. The smart contract created to contain the funds is being designed to only allow the original owners to access their tokens.

Sources:
CoinDesk
cryptocoinsnews
Reddit