The cryptocurrency community is debating the potential rollback of the Ethereum blockchain following a major hack on Bybit. Experts are divided in their opinions.
Reasons for Considering a Blockchain Rollback
The proposal to roll back the Ethereum blockchain emerged after a $1.4 billion hack on the Bybit exchange, aiming to prevent the misuse of stolen funds. This proposal has received mixed reactions within the crypto community.
Arguments in Favor of the Rollback
Some experts, like Arthur Hayes and Samson Mow, support the rollback idea. They argue that a precedent was set in 2016 after the DAO hack, and a similar action now would prevent the stolen funds from being used for illegal activities.
Arguments Against the Rollback
However, many experts oppose the rollback. Trader Borovik and Bitcoin advocate Jimmy Song believe it would damage trust in Ethereum. Jimmi Song further supports his stance due to the finalized state of the Bybit transactions, making reversal impractical.
The debate extends beyond Bybit to the general perception of blockchain technology. The support or change of blockchain immutability raises questions about the future of cryptocurrency and its role in the financial system.
