Following the $1.5 billion hack on Bybit, a debate emerged in the Ethereum community over a possible network rollback. Ethereum developer Tim Beiko strongly opposed the idea, explaining the complexity and consequences of such action.
Bybit Hack: A New Situation
Tim Beiko emphasized that rolling back the network to a pre-hack state is technically challenging and could cause significant disruption. While some commentators believe that a rollback could restore Bybit's stolen funds, Beiko highlighted that Ethereum's current infrastructure is vastly different from the situation during the 2016 DAO hack.
Differences Between Bybit and DAO Hacks
In the DAO case, the attacker exploited a vulnerability in the smart contract, allowing developers time to intervene. However, the Bybit hack used a compromised wallet interface, enabling the rapid transfer of funds through on-chain transactions. This makes it difficult to compare with DAO due to differences in technical execution.
Potential Consequences of Rollback
A network rollback would not only erase the stolen funds but also reverse all subsequent Ethereum transactions, impacting DeFi protocols, NFT transfers, exchange transactions, and real-world asset settlements. Opinion leaders like Yuga Labs’ VP of Blockchain 0xQuit warn that the consequences of a rollback would be more severe than the $1.5 billion loss itself.
Despite proposals for a rollback to recover funds, such actions could result in catastrophic consequences for the Ethereum network. Most developers, including Tim Beiko, oppose the idea due to its complexity and potential damage to the ecosystem.
