Despite calls from the crypto community to restore the Ethereum network to its pre-Feb. 21 state, Tim Beiko considers this a complex task with significant consequences.
The Bybit hack and how it differs from TheDAO 2016
The attack on Bybit in February occurred after a transfer from the exchange's multisig wallet to a warm wallet, where malicious code altered the smart contract rules. Ethereum core developer Tim Beiko explained that the transaction appeared routine and did not breach protocol rules, making recovery impossible. Unlike the 2016 exploit of TheDAO, a rollback was possible due to sequential contract stops.
Consequences of Ethereum blockchain rollback
Tim Beiko noted that since 2016, the Ethereum ecosystem has undergone significant changes, especially in decentralized finance and cross-chain technology. Any change in network status would have wide-ranging effects. For instance, an aborted rollback would annul completed transactions, including asset sales and exchanges, creating even more chaos.
Is the rollback cost worth $1.5 billion?
According to Yuga Labs vice president 0xQuit, a rollback could cause greater damage than the hack itself. He believes thousands of people would incur losses, while others would gain undeserved profits. Rollback would require revisiting Ethereum's infrastructure, which is extremely difficult. Several crypto experts, including Samson Mow and Arthur Hayes, suggested a rollback as a method to return the stolen funds, but many remain skeptical.
Despite ongoing debates about the rollback, most community members, including Tim Beiko, consider this step technically infeasible and dangerous. It remains to hope for another solution to this problem.
