Arthur Hayes Calls for Ethereum Rollback After $14 Billion Bybit Hack
Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, is making headlines with a controversial proposal. Hayes is demanding a rollback on the Ethereum blockchain due to a hack targeting the crypto exchange Bybit, where approximately 14 billion dollars were stolen.
What happened? According to Hayes, a hack on Bybit resulted in the loss of assets worth 14 billion dollars. The attacker reportedly exploited a vulnerability on Ethereum. Hayes is now calling for a so-called rollback, which would allow the Ethereum network to revert to a state before the hack occurred.
The demand for the rollback has sparked a heated debate in the crypto space. Advocates for decentralization and blockchain immutability argue that such a move would undermine Ethereum’s fundamental principles. They are concerned that rolling back the chain could set a precedent for future interventions in the network.
Interestingly, this is not the first time the Ethereum community has faced such a proposal. In 2016, following the infamous DAO hack, Ethereum underwent a controversial hard fork to recover funds, leading to the creation of Ethereum Classic.
Critics are worried that agreeing to Hayes’s proposal could damage Ethereum’s reputation and trust among users and investors. Some members of the community emphasize the importance of security measures and preventive actions to avoid hacks instead of altering the blockchain.
As the debate unfolds, it remains to be seen whether the Ethereum community will consider Hayes’s rollback request or if alternative solutions will be found to address the consequences of the Bybit hack.
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