Is ETH Immutability in Question? Arthur Hayes Pushes for Ethereum Rollback
To help the hacked exchange Bybit, which lost around $1.4 billion in Ether (ETH) on Friday, BitMEX co-founder Arthur Hayes, a significant ETH holder, requested Ethereum co-founder Vitalik Buterin to roll back the network.
@VitalikButerin will you advocate to roll back the chain to help @Bybit_Official. My own view as a mega $ETH bag holder is $ETH stopped being money in 2016 after the DAO hack hardfork. If the community wanted to do it again, I would support it because we already voted no on immutability in 2016 why not do it again?
Hayes
At the time of publication, Buterin had not yet responded.
Would an Ethereum Rollback Work Today? Why Isn’t It as Simple as 2016?
After ZachXBT, an on-chain analyst, noticed strange outflows of more than $1.4 billion from the exchange on Friday, the Bybit hack was discovered. The attacker swiftly converted mETH and stETH into Ether using a decentralized exchange. According to Gautham Santhosh, co-founder of Polynomial.fi, the attacker then divided 10,000 ETH among 39 distinct addresses and a further 10,000 ETH among nine separate addresses.
I wish we could roll back for the Bybit hack, I’m not against the idea. But the DAO hack was 15% of ETH with a clean recovery path. Today, a rollback would break bridges, stablecoins, L2s, RWAs and so much more. ETH ecosystem is just too interconnected now for a clean solution like 2016,
Santhosh
Taking the blockchain back is one possible solution for hackers. It entails returning the blockchain to its pre-event state, in this example, previous to the hack. This will allow for the erasure of harmful transactions brought on by the hack, and so recovering lost or stolen money. In order to execute a rollback, the network members must agree.
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