Transforming disaster into opportunity<u>—</u>did you hear what happened?<u>—</u>has made him a hero. is the correct answer. simply because it is asking if you have heard what happened then continues with the rest of the sentence and has correct punctuation for the situation.
The answer is the last one, which is "Transforming disaster into opportunity-did you hear what happened?- has made him a hero". As you can see transforming disaster into opportunity has made him a hero is a sentence by itself. "Did you hear what happened?" Is just extra info that goes between dashes.
