Arthur Hayes, Bitmex co-founder and Major ether (ETH) holder, prayed Ethereum-with-founder Vitalik Butterin to roll the network to help Hacked Exchange Bybit lost nearly $ 1.4 billion in ether (ETH) Friday.
“@Vitalikbuterin will you go in to roll back the chain to help @bit_official. My own view as a mega $ ETH bag is $ Eth stopped being money in 2016 after Dao Hack Hardfork. If society would do it again, is i would support it because we already voted no about immutability in 2016 [wh]Y doesn’t do it again? “Said Hayes at X.
Butterin did not yet respond at the time of publication.
The Bybit hack came in the light on Friday when analyst Zachxbt in the chain noticed suspicious outflows of over $ 1.4 billion from the exchange, with the striker quickly swapping Meth and Steth to Ether through a decentralized exchange.
The striker then shared 10,000 ETH to 39 different addresses and another 10,000 ETH to nine addresses, Gautham Santhosh, co -founder of Polynomial.fi, explained to X.
BYBIT CEO Ben Zhou said the hacker “took control of the specific ETH cold wallet and transferred al eth in the cold wallet to this unidentified address.” Zhou confirmed that the exchange “is solvent even if this hackt loss has not been restored.”
One of the potential ways to tackle hacking is to roll back blockchain. It involves returning to blockchain to a condition before the occurrence of a particular event, in this case hacked. In this way, malicious transactions that are the result of hacked can be deleted, effectively restore lost or stolen funds. Implementation of a rollback requires agreement from the network participants.
In 2016, for example, the Ethereum network was rolled back using a hard fork to turn a theft of $ 60 million in Ether from DAO (30% of all one in circulation back then). The hard fork divided the chain into two – Ethereum and Ethereum Classic.
In 2019, Binance’s CEO Changpen Zhao and his team considered pushing for a rollback on the Bitcoin network after a $ 40 million hack. However, the Bitcoin community criticized the idea of going back to the principle of decentralization and immutability, which is fundamental to blockchain technology.
Immutability is a security feature that prevents data from changing after they are added to blockchain to make it reliable and manipulation -proof. There are similar concerns about a potential Ethereum rollover.
“I wish we could scroll back to Bybit -Hacked. I’m not against the idea. But DAO -HACKED was 15% of ETH with a pure recovery path. Today a rollback would break bridges, stableecoins, l2s, rwas and then Much more.
Sina 21st Capital explained that Ethereum is now stuck between a cliff and a tough place.
“Ethereum is toast. They can roll back the chain and destroy what is left of decentralization requirements said on X.
Ether has dropped almost 3% in 24 hours, but continues to act range between $ 2,600 and $ 2,800, Coindesk data shows.
