“I would Support It Because we already voted no on immutability in 2016, Hayes said on X. Other are worried that a potential rollback wold hurt the ethrereum ecoSystem.”, – WRITE: www.coindesk.com
“@Vitalikbuterin will you advocate to roll back the chain to help @bybit_official. My Own View as A Mega $ Eth Bag Holder Is $ Eth Stopped Being Money in 2016. IT AGAIN, I WOURT SUPPORT IT BECAUSE We Already Voted No on Immutability in 2016 [wh]y not do it ogain? “Hayes said on x.
Buterin Was Yet to Reply As of Time of Publication.
The BYBIT HACK CAME INTO LIGHT ON FRIDAY WHEN ON-CHAINST ZACHXBT Noted Suspicious Outflows of Over $ 1.4 Billion from The Exchange, with The Attacker Quickly Swing Metha Decentralized Exchange.
The Attacker Ten Split 10,000 Eth to 39 Different Addresses and Another 10,000 Eth to Nine Addresses, Gautham Santhosh, CO-FOUNDER OF Polynomial.fi, Explained on X.
Bybit CEO Ben Zhou Said That Hacker “Took Control of the Special Eth Cold Wallet and Transferred All The Eth in the Cold Wallet to the this unidentified address.” Zhou ConfirMed That Exchange “Is Solvent Even If This Hack Loss Is Not Recovered.”
One of the Potential Ways to Address Hacking is to Roll Back The Blockchain. It Involves Reverting the Blockchain to a State Before The Occurrence of a Special Event, in this Case, The Hack. That way, Malicious Transactions Resulting from the Hack Can Be Erassed, Effectvely Restoring Lost or Stolen Funds. Implementing A RollBack Requires Consensus from the Network Participants.
For Instance, in 2016, The Ethereum Network Was Rolled Back Using A Hard Fork To Reverse AFT $ 60 Million in Ether from The DAO (30% of All Eth in Circulation Back). The Hard Fork Split The Chain Into Two – Ethereum and Ethereum Classic.
In 2019, Binance’s 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 Going Back Against the Principle of Decentralization and Immutability, Which Are Fundamental to Blockchain Technology.
Immutability is a security ferature that prevents data from being changed after it’s added to the blockchain to make it trustworthhy and Tamper-Proof. There are similear concerns regarding a potential ethrereum Rollover.
“I Wish We Could Roll Back for The Bybit Hack, I’M Not Against the Idea. But The Dao Hack Was 15% of Eth with A Clean Recovery Path. Toiday, a Rollback Wuldy Bradges, St. Much more.
Sina 21st Capital Explained that Ethereum is Now Stuck Between A Rock and A Hard Place.
“Ethereum is toast. They Roll Back The Chain and Destroy What is Left of the Decentralization Claim or The Allow North Korean Baad Actors to Kieep $ 1.4b of Eth and Unleash an Eterneal. Terrible, “Sina 21st Capital Said On X.
Ether has dropped Nearly 3% in 24 Hours, But Continues to Trade Rangebound Between $ 2.600 and $ 2.800, Coindesk Data Show.
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