The Ethereum ecosystem has been hit by one of the largest cyberattacks in history, sparking intense discussions. The $1.4 billion loss at Bybit raises questions about decentralization.
Debate Over Rolling Back the Ethereum Network
Arthur Hayes, co-founder of BitMEX, suggested rolling back the Ethereum network to recover lost funds, causing significant disagreements. This suggestion echoes the hard fork after the 2016 DAO attack, which was also controversial. The stance of Ethereum co-founder Vitalik Buterin is highly anticipated as experts note that a rollback is technically feasible but contradicts decentralization principles.
Impact of the Hack on the Markets
Bybit CEO Ben Zhou assured that the company's financial structure remained stable after the hack. Though a specific cold wallet was compromised, causing a significant theft of ETH, no liquidity issues arose. Experts warn of potential trust erosion in the blockchain ecosystem.
Future of the Ethereum Network
The future of Ethereum is under scrutiny following this attack, and Hayes' proposal exacerbates divisions among ETH holders and developers. Opponents of the rollback believe it would undermine trust in Ethereum, highlighting that past interventions have sparked significant controversy.
While the community continues to debate the potential rollback, Ethereum's resilience and reputation remain the focus. How events will unfold is yet to be seen.
