On Friday, cryptocurrency exchange Bybit was allegedly hacked by North Korea’s Lazarus group, which drained practically $1.4 billion in ether (ETH) from the alternate.
Following the hack, Arthur Hayes, BitMEX co-founder and claiming to be a serious ether (ETH) holder, wrote a post on X to Ethereum co-founder Vitalik Buterin on whether or not he’ll “advocate to roll again the chain to assist @Bybit_Official.” In the meantime, in an X areas session, Bybit’s CEO Ben Zhou revealed that his group had additionally reached out to the Ethereum Basis to see if it was one thing the community would take into account, noting that such a call ought to be based mostly on what the community’s neighborhood desires.
Hayes’s submit instantly provoked a fierce response from the Ethereum neighborhood, which was agency in its perception that it would not occur. Some even questioned whether or not the BitMEX founder was joking. CoinDesk reached out to Hayes over X to make clear his feedback.
Ethereum members, just like the core developer groups, are vastly towards “rolling again” the community as a result of it will override core components of decentralization. If Buterin selected his personal that it will occur, then that may be seen as the top of Ethereum’s ethos, which closely includes numerous developer groups and different neighborhood members in the case of the well being and state of the blockchain.
“Rolling again the chain would give ETH no goal. What is the level in case you can simply change guidelines,” mentioned person @the_weso in a post on X.
Some outside the Ethereum neighborhood pointed to the 2016 DAO hack as an example when $60 million in ETH was stolen. The community went ahead with a tough fork, splitting the previous community into two, and the brand new chain continued on as Ethereum.
That arduous fork was not a “rollback,” although; it was often known as an “irregular state transition.” Ethereum technically can’t “roll again” the community as a result of it depends on an account mannequin, the place accounts maintain customers’ ETH.
On the time of the hack, builders upgraded their nodes to a brand new consumer or software program. Those that didn’t improve their nodes have been nonetheless on the previous chain, which turned often known as Ethereum Basic.
When the nodes upgraded to the brand new software program, the stolen ETH might transfer from one Ethereum account handle to the subsequent.
“The ‘irregular state change’ that they applied on the time of the DAO arduous fork was this: they airlifted all of the ETH within the DAO good contracts out to a refund contract that may ship you 1 ETH for each 100 DAO tokens you despatched in,” wrote Laura Shin of Unchained in a post on X.
Learn extra: Arthur Hayes Floats the Idea of Rolling Back Ethereum Network to Negate $1.4B Bybit Hack, Drawing Community Ire
