Arthur Hayes, BitMex co-founder and ether (ETH), asked Ethereum co-founder Vitalik Baterin to rollback the network to help hacked exchange bybit, which lost nearly $ 1.4 billion to Ether (ETH) on Friday.
“@Vitalikbuterin you will promote to roll back the chain to help @bybit_official. My own view as a mega $ eth bag is $ eB (wh) y not going to do it again? “
Baterin has not responded to the time of publication.
Bybit Hack was light on Friday when on-chain analyst Zachxbt mentioned suspicious flows of more than $ 1.4 billion from the exchange, with the attacking that quickly replaced meth and flowing for the ether by a decentralized exchange.
The attack then separated 10,000 ETHs in 39 different addresses and another 10,000 ETH to nine addresses, explained by Gaakham Santhosh, co-founder of Polynomial.fi, in X.
Bybit CEO Ben Zhou said the hacker “controlled the specific Eth Cold wallet and moved all ETH to the cold purse in this anonymous address.” Zhou confirmed that the exchange “was solvent even though the loss of this hack would not be recovered.”
One of the potential ways to meet the hacking is to roll back the blockchain. This involves respecting the blockchain in a state before the emergence of a specific event, in this case, the hack. That way, malicious transactions resulting from hack can be erased, effective restoring lost or stolen funds. Implementing a rollback requires consensus from network participants.
For example, in 2016, the Ethereum network was roll back With a difficult fork to reverse a robbery of $ 60 million in Ether from the DAO (30% of all ETH in circulation back then). The hard fork divided the chain into two – Ethereum and Ethereum classic.
In 2019, Binance CEO Changpeng Zhao and his team considered pushing for a rollback on the Bitcoin network following a $ 40 million hack. However, the Bitcoin mining community criticized the idea of returning against the principle of decentralization and inability, primarily in blockchain technology.
Inability is a security feature that prevents data from being changed after being added to the blockchain to make it trustworthy and tamper-proof. There are similar concerns about a potential Ethereum rollover.
“I hope we can roll back for bybit hack, I’m not against the idea. But the dao hack is 15% of the eth with a clean recovery path. Now, a rollback will ruin the bridges, stablecoins, L2S , Rwas and others most.
The 21st Capital explained that the Ethereum is now stuck between a stone and a difficult place.
“The Ethereum is toast. They can roll back the chain and destroy what is left to claim decentralization or allow North Korea actors to keep the ETH’s $ 1.4B and released an eternal interior to fight. Their th -21 capital said X..
Ether dropped about 3% to 24 hours, but continued trading between $ 2,600 and $ 2,800, Coindesk data show.
