Following the hack of the Bybit platform, where hackers drained $1.4 billion in Ethereum, Adam Back, a well-known figure in the crypto community and CEO of Blockstream, shared his thoughts on the current state of Ethereum.
Adam Back's Comment on the Hack
Prominent cypherpunk and Bitcoiner Adam Back took to social media X to comment on yet another EVM contract hack. He emphasized that such incidents only increase Bitcoin's dominance. Back noted that the Ethereum Virtual Machine remains complex and insecure, making it a target for hackers who have been draining billions of dollars from it annually.
Calls for Ethereum Rollback
Former CSO of Blockstream and current CEO of JAN3 Samson Mow proposed to Vitalik Buterin to rollback the Ethereum chain to prevent hackers from selling the stolen Ethereum for $1.4 billion. Mow reminded the community that in 2016, following the DAO hack, Ethereum had already experienced a fork, leading to the creation of Ethereum Classic and Ethereum.
Conversion of Stolen ETH to Bitcoin
Bybit CEO Ben Zhou announced that hackers began converting the stolen Ethereum to Bitcoin via Chainflip. Bybit plans to launch a bounty program, inviting the community to help block or trace these funds for recovery.
The Bybit hack sparked lively debates in the crypto community about Ethereum's vulnerabilities and strengthened Bitcoin's position among cryptocurrencies.
