Ethereum Rollback Debate Intensifies After Bybit Hack
Crypto community calls for Ethereum blockchain rollback after massive call Safety Violation in Bybit.
On February 21, the exchange lost nearly $1.5 billion in ETH to hackers, sparking discussions about whether Ethereum should intervene to recover stolen funds.
What is blockchain rollback?
Blockchain Rollback, also known as reorganization, Transactions involving reversal confirmation to restore the network to its early state.
This process usually occurs after a serious security breach or exploitation. Verifiers must reach a consensus to discard the affected blocks, thereby effectively deleting malicious transactions.
Despite the potential benefits, rollback remains a controversial measure due to its trust and decentralization in blockchain.
The blockchain operates on the principle of invariance, which means that once the transaction is confirmed, it will be final. Therefore, backing transactions challenge this principle, raising concerns about cybersecurity and reliability.
Crypto leaders clash with Ethereum rollback proposal
Bitmex co-founder Arthur Hayes has been advocating for rollbacks to solve the problem Bybit Hack. He pointed to 2016 road hack, Ethereum has gone through a tough fork to recover precedents of stolen funds.
Hayes believes that because Ethereum has been compromised due to immutability, another intervention should not be shaken away.
“My own opinion as a giant Eth bag holder is that ETH is no longer money in 2016 after Dao Hack Hardfork. If the community wants to do it again, I would support it because we’ve already been on invariance in 2016 for invariance. Vote,” Hayes explain.
JAN3 CEO Samson Mow also support Roll back, pointing out that it prevents North Korea uses stolen funds to fund its nuclear weapons program.
However, not everyone agrees. Borovik, a cryptocurrency trader, strongly be opposed to The idea is that rollbacks will endanger Ethereum’s credibility and neutrality.
Bitcoin advocate Jimmy Song also refuted the possibility, pointing out that bybit hack cannot be 2016 DAO Vulnerability Exploit. The song emphasizes that DAO Hack allows for 30 days of intervention, and Bybit attack has been completedmaking rollback impractical.
“I know people expect the Ethereum Foundation to roll back the chain, but I suspect it’s too confusing to do it cleanly.” additional.
Meanwhile, Ethereum supporter Adriano Feria put forward another view. He believes that Bybit can be used Layer 2 (L2) solution Conditional reversible transaction.
According to Feria, blockchain technology requires some form of reversibility to ensure real-world adoption.
“Whether through social recovery or other pre-ordered, immutable and transparent decision-making processes, mass adoption in the real world will be invalid without reversible transactions. Without this capability, trading activities will inevitably tend to have already provided it’s tradfi system. statement.
This debate raises the fundamental question of Ethereum: in extreme cases, should it prioritize immutability or intervention?
While some see the rollback as a necessary response to unprecedented losses, others fear it will undermine the core principles of decentralization. The next step in Ethereum may affect its long-term reputation and trust in the crypto space.
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