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Ethereum’s Future at Stake as Bybit Hack Raises Questions on Blockchain’s Integrity

Bybit Hack

On Friday, cryptocurrency exchange Bybit was allegedly hacked by North Korea’s Lazarus group, resulting in the theft of nearly $1.4 billion in ether (ETH) from the exchange.

Arthur Hayes’ Proposal

Following the hack, Arthur Hayes, BitMEX co-founder and a major ether (ETH) holder, wrote a post on X to Ethereum co-founder Vitalik Buterin, asking if he would “advocate to roll back the chain to help @Bybit_Official.”

Ethereum Community’s Reaction

Hayes’ post immediately provoked a fierce reaction from the Ethereum community, with many members firmly rejecting the idea of rolling back the network. Some even questioned whether the BitMEX founder was joking.

Why a Rollback is Unlikely

Ethereum members, like the core developer teams, are vastly against “rolling back” the network because it would override core elements of decentralization. If Buterin decided on his own that it would happen, then that would be seen as the end of Ethereum’s ethos, which heavily involves various developer teams and other community members when it comes to the health and state of the blockchain.

Example of a Hard Fork

Some outside the Ethereum community pointed to the 2016 DAO hack as an example when $60 million in ETH was stolen. The network went forward with a hard fork, splitting the old network into two, and the new chain continued on as Ethereum. However, that hard fork was not a “rollback,” though; it was known as an “irregular state transition.”

Ethereum’s Account Model

Ethereum technically can’t “roll back” the network because it relies on an account model, where accounts hold users’ ETH. At the time of the hack, developers upgraded their nodes to a new client or software. Those who didn’t upgrade their nodes were still on the old chain, which became known as Ethereum Classic.

Conclusion

The Bybit hack has raised serious questions about the integrity of the Ethereum blockchain. While some have proposed rolling back the network to negate the damage, the Ethereum community is firmly against this idea. The network’s account model and decentralized nature make it difficult to implement a rollback, and the community is divided on how to proceed.

FAQs

Q: What is a rollback in the context of blockchain?
A: A rollback refers to the process of reversing a blockchain’s state to a previous point in time, effectively “undoing” transactions and reversing the effects of a hack or other malicious activity.

Q: Why is the Ethereum community opposed to a rollback?
A: The Ethereum community is opposed to a rollback because it would override the network’s decentralized nature and the community-driven decision-making process. It would also raise concerns about the security and trust in the network.

Q: What is the alternative to a rollback?
A: The alternative to a rollback is to implement measures to prevent similar hacks in the future, such as improving security protocols and increasing transparency and accountability within the network.

Q: What is the potential impact of a rollback on the Ethereum network?
A: A rollback could have significant consequences for the Ethereum network, including undermining the trust and confidence in the network and potentially causing a loss of value for ETH holders.