#EthereumRollbackDebate
đBybit lost over 400,000 ETH in a hack valued at $1.5 billion.
The crypto community is debating whether a ârollbackâ is needed.
đ¶ïžSome critics say this wouldnât be feasible at this point.
A massive hack targeting cryptocurrency exchange Bybit on Friday rattled the market, resulting in the loss of more than 401,000 Ethereum worth roughly $1.5 billion.
It has also revived debate about whether the Ethereum blockchain should be ârolled backâ in response, echoing debates from the 2016 DAO hard fork.
In that incident, attackers exploited vulnerabilities in a decentralized autonomous organization to divert millions in Etherum, prompting the community to implement a hard fork that restored the funds but split the network.
Bybit CEO Ben Zhou was cautious in his remarks when asked about a rollback. âI really donât know. Iâm not sure if itâs one manâs decision. Based on the spirit of the blockchain maybe it should be a voting process to see what the community wants,â Zhou stated in an X Spaces discussion yesterday.
đ He added that his team was already in talks with Ethereum co-founder Vitalik Buterin and the Ethereum Foundation for any recommendations that might help mitigate the fallout.
Amid the exchanges, Laura Shin of the Unchained podcast added some context and clarification regarding ârollbackâ proposals, saying âIâm sure they wouldnât.â
đ Shin clarified that the term ârollbackâ originates from Bitcoinâs design, where every transaction is linked in a continuous chain of custody.
In Bitcoin, reversing one transaction would require undoing all subsequent transactions to maintain the chainâs integrity.
However, Ethereum uses a model where balances are updated directly through smart contracts and transactions, meaning there isnât a single, traceable chain that can be reversed in the same manner.
Instead of a true rollback, what occurred during the DAO incident was an âirregular state changeâ that reallocated funds from compromised contracts without rewinding the entire blockchain.
