After the recent events about the Bybit Hack, the Filipino developer Paolo Diocin of Pendle Finance and Defi Philippines explained to bitpins how the proposed Ethereum reign will not happen.
Ethereum Reversion Proposal
Bitcoin Samson Mow’s lawyer has proposed to reverse the Ethereum block chain after a trick of $ 1.46 billion in Bybit.
- He suggested a hard bifurcation to return stolen funds and avoid its use in the financing of the North Korean nuclear program.
- The call to Mow’s action remembers the decline of Dao Hack 2016 of Ethereum, but has caused a debate about the viability and risks of such movement.
In addition, Arthur Hayes, co -founder of Bitmex, also published in X asking the co -founder of Ethereum, Vitalik Butein, if “would advocate the chain to help @bybit_Official”.
What is a blockchain setback?
Blockchain reversal, which reverts transactions or blocks when returning to a previous state, is generally used to counteract significant problems or attacks.
- It should be noted that this process contradicts the fundamental principle of immutability blockchain.
Why doesn’t it happen?
According to Paolo Diakino of Defi Philippines, he is “confident” that an Ethereum setback will not happen.
“Bybit’s case is unique [] In that there were no problems during Ethereum’s operations or even with the multiple signed by Bybit. He was pirated because the interface was committed to make it appear that the firm was correct. From Ethereum’s perspective, there is nothing wrong with the transaction, and patching the problem would not isolate the pirated funds. “
Reasons
Diakino gave the following reasons:
- The Ethereum Network and the Bybit Multisig worked properly; The hack exploded the interface, not the block chain itself.
- The stolen funds moved quickly and spent, without leaving any opportunity for Ethereum to act before irreversible transactions occur.
- Rolling the chain would affect many subsequent transactions, which could cause greater damage to the ecosystem.
- The conversations of a reversal are speculative FUD and unnecessary fuel (fear, uncertainty and doubt); Ethereum developers are not actively considering.
- Reversing a block chain is complex, which requires the consensus of the community and risking the confidence in the immutability of Ethereum.
Previous rollbacks
- Diakino said that discussions about reversions come from past events such as Bitcoin’s decline in 2010, which was due to an error, and Ethereum 2016 Dao Hack, where 15% of all ETH was compromised due to another error .
- It should be noted that Bitcoin never had a reversal in the same sense as the Ethereum Hard fork Dao. Instead, Bitcoin experienced an error in August 2010 (the “value overflow incident”), where an invalid transaction created 184 billion BTC. Satoshi Nakamoto and the network patch the error and reorganized the chain, but this was an emergency solution, not a reversal initiated
- He pointed out that the Dao trick was possible due to a defect in the DAPP code, allowing attackers to steal funds.
- Diakino explained that, fortunately, a failures froze all ETH for a month, giving the developers time to implement an “change of irregular state” and effectively revert the chain to recover funds.
BYBIT CEO on the proposed reversal
The CEO of Bybit, Ben Zhou, when asked about the possibility of a blockchain reversal of Ethereum to recover the stolen funds, declared that such a decision would not be taken by a single person and expressed uncertainty about the probability of happening.
During a X spaces Discussion, Zhou suggested that if measures were going to be taken, a community vote should involve to align with the decentralized nature of Blockchain.
- He also revealed that Bybit had communicated with Ethereum co -founder, Vitalik Butein, and the Ethereum Foundation to explore possible solutions to mitigate the impact of hack.
- However, he did not confirm whether these discussions included a reversal proposal.
BYBIT PIRATURE BACKGROUND
Recently, Bybit suffered a massive trick of $ 1.46 billion, now confirmed as the largest cryptography hack in history, linked to the Lázaro Group of North Korea.
This article is published in Bitpins: Defi Filipinas Founder on why an Ethereum setback will not happen after the Hack of $ 1.46 billion bybit
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