Charles Hoskinson, the founder of Cardano and co-founder of Ethereum, has criticized Ethereum following a major hack of the cryptocurrency exchange Bybit, resulting in losses of over $1.4 billion.
Hoskinson's Criticism of Ethereum
In response to Arthur Hayes' suggestion of a potential Ethereum rollback to address the breach, Hoskinson wrote 'Ethereum Classic.' He has previously described Ethereum as 'a dumpster fire' and compared its potential decline to early internet platforms like MySpace and Netscape, suggesting Ethereum's current trajectory might lead to obsolescence. He also proposed that Ethereum might eventually migrate to Cardano, highlighting its potential efficiency and scalability.
Bybit Hack: Incident Details
On Friday, Bybit suffered a massive security breach, leading to the loss of approximately $1.4 billion worth of cryptocurrency. Around $200 million worth of staked ETH was converted into ETH on the open market. Arkham Intelligence identified the North Korean hacker group Lazarus as the perpetrators behind the attack. Crypto analyst ZackXBT presented detailed evidence linking Lazarus to the incident, including test transactions, associated wallets, and timing patterns.
Bybit's Response to the Hack
In response to the crisis, Bybit CEO Ben Zhou assured users that withdrawal services had fully resumed. He highlighted the unprecedented level of withdrawal activity following the attack, noting that over 350,000 withdrawal requests were processed within hours. Despite the severity of the breach, Zhou emphasized that all Bybit functions and services remained operational. He praised his team’s swift response, dedication, and around-the-clock efforts to address client concerns and ensure platform stability.
As a result of the Bybit hack and subsequent criticism from Charles Hoskinson, Ethereum's future is once again in the spotlight. This event highlights the need for enhanced security and continuous evaluation of current platforms to ensure reliability and resilience.
