Ethereum Foundation Lead developer Tim Beiko has dismissed the idea of an Ethereum blockchain roll back after Bybit Crypto Exchange Hack. On one Detailed mail At X, Beiko explained why such a proposal is impractical and impossible.
Ethereum network is too interconnected for a rollback, says Beiko
February 21st suffered The largest crypto chop in history that bad actors mapped away $ 1.4 billion in Mantle-Staked ETH (Meth) and other ERC-20 symbols by comprising one of the cold wallet of the exchange. As expected, this development has swung the industry and draws a discourse on various recovery channels.
One of these channels being discussed is the potential rollback in the Ethereum network. As the name suggests, Blockchain -Rollback is the process of returning to blockchain to a previous state, which effectively regrets the latest transactions.
According to Tim Beiko, the idea of a blockchain roll back can be traced to a Bitcoin network event in 2010 where Satoshi Nakamoto distributed a software app to invalid a transaction in which a user coined 146 billion BTC. The software developer, however, notes that Bitcoin mine efforts were minimal currently with the main Cryptocurrency trade approximately $ 0.07.
Beiko also refers to a similar incident on Ethereum Network 2016, where a certain dapp known as Thedao, which contained an estimated 15% of the ETH offering, came under the control of a hacker. Fortunately, the developers of Thedao had implemented a Failsafe who with force froze all withdrawals on Dapp for a month for a hack.
This time, Ethereum developed developers to implement a change in blockchain and thus update Thedao database manually in an “irregular state change.” In particular, this decision caused a lot of division into the ETH community, which eventually resulted in hard drive that created the Ethereum Classic chain.
In conjunction with the village chop, Beiko explains that a blockchain role back would be practically impossible due to several factors. First, the Ethereum network does not discover any broken protocol rules because the hack occurred through a compromised multi-wallet wallet interface where the custodian signed on a falsely displayed transaction which resulted in the loss of asset.
In addition, the ETH developer notes that the hacker has begun to transfer the stolen funds, unlike Thedao case. Therefore, any attempt at a rollback would result in a continuous cat-and-mouse game. Finally, the Ethereum network for developed and interconnected with the presence of several bridges and Defi protocols, therefore another “irregular state change” can cause a disastrous ripple effect.
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At the time of writing, ETH deals with $ 2,754, which reflects a profit of 2.77% on the past day.
