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BitMEX co-founder Arthur Hayes has offered a drastic remedy for the recent Bybit hack by suggesting a rollback of the Ethereum network. His proposal has sparked controversy within the cryptocurrency community, as it recalls the controversial Ethereum rollback that followed the DAO hack back in 2016. Hayes made this surprising suggestion after over $1.4B worth of ETH was stolen from Bybit, a well-established digital currencies exchange platform.
The concept of network rollback isn’t a new phenomenon in the cryptocurrency landscape. It involves reorganising the blockchain to a particular point before the hack logarithmally, which essentially reverses all transaction history post the identified point. Essentially, Hayes is suggesting rewriting Ethereum’s blockchain history to erase the unlawful transaction. However, the cryptocurrency community has always treated such propositions with caution as it threatens the integrity and decentralised nature of blockchains.
Recalling a notorious instance, the Ethereum network had been rolled back in 2016 after the DAO attack, setting a controversial precedent. This action was meant to restore approximately $60M worth of coins that were stolen, but it sparked a conflict within the Ethereum community leading to a split creating Ethereum Classic. Many crypto enthusiasts believe rolling back the broader Ethereum network to negate a single hack is too extreme, and it could adversely impact the platform’s credibility.
Regardless, the Bybit hack aggressors are yet to be identified, and the stolen amount remains unclaimed. As a top figure in the crypto world, Hayes’ proposal is bound to ignite a passionate discussion about Ethereum network security and decentralised systems’ sanctity. The crypto community eagerly watches how Ethereum’s stakeholders respond and whether they would consider such a drastic step to recover the lost coins.
Source: CoinDesk
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