On Friday, the cryptocurrency Exchange Bybit is said to be -hack by North Korea Lazarus Groupdraining nearly $ 1.4 billion in ether (ETH) from the exchange.
Following Hack, Arthur Hayes, Bitmex’s co-founder and is said to be a major ether holder (ETH), wrote a post In X to Ethereum co-founder Vitalik Blerin if he “advocates to roll back the chain to help @bybit_official.” Meanwhile, in the X Space session, Bybit CEO Ben Zhou announced that his team also had reached At the Ethereum Foundation to see if this is something the network will consider, to note that such a decision must be based on the network community’s wish.
Hayes’s post immediately urged a fierce reaction from the Ethereum community, which is firmly in the belief that this will not happen. Some asked even the founder of Bitmex joking. CoinDesk handed Hayes to X to clarify his comments.
Members of the Ethereum, like the main developer teams, are broad against “rotating” the network as it will eliminate the key elements of decentralization. If Blerin decides to himself this will happen, then it will be seen as the end of Ethereum ethos, which greatly involves various developer teams and other community members when it comes to the health and state of the blockchain.
“Rotating back the chain will not give ETH no purpose. What is the point if you can only change the rules,” says the user @the_keso In a post on x.
Some out of Ethereum community pointed In 2016 Dao Hack as an example When $ 60 million in ETH was stolen. The network continued with a tough fork, dividing the old network into two, and the new chain continued as Ethereum.
The hard fork is not a “rollback,” though; It is known as an “irregular state transfer.” Ethereum technically cannot “roll” on the network because it depends on an account model, where accounts hold ETH.
At the time of the hack, the developers upgraded their nodes to a new client or software. Those who do not upgrade their nodes are in the old chain, which has become known as the Ethereum Classic.
When upgrading the nodes to the new software, the stolen ETH can move from an account address to the Ethereum to the next.
“The ‘irregular state change’ they implemented in Dao Hard Fork’s time is this: They have released all ETH to DAO Smart Contracts out in a refund contract that will send you 1 eth for every 100 DAO token that you sent, “Laura Shin wrote Unchained Iposted to x.
