Ethereum Developer’s Hilarious Take on Blockchain Rollback After Bybit Hack!

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Well now, gather ’round, folks! It seems our good friend Tim Beiko, the head honcho over at the Ethereum Foundation, has thrown a big ol’ bucket of cold water on the notion of rolling back the Ethereum blockchain after that ruckus at Bybit. In a post on X, he laid out his reasons with all the flair of a riverboat gambler explaining why such a scheme is as practical as a screen door on a submarine. šŸŸ

Beiko Says Ethereum’s Tied Up Tighter Than a Cat in a Yarn Ball

On the 21st of February, the Dubai-based exchange Bybit found itself in a pickle, losing a staggering $1.4 billion in mantle-staked ETH (mETH) and other ERC-20 tokens, thanks to some nefarious characters who made off with the goods from one of their cold wallets. This calamity has sent shockwaves through the crypto world, sparking debates hotter than a summer day in Missouri about how to recover from such a debacle.

One of the bright ideas floating around was the notion of rolling back the Ethereum network. Now, if youā€™re wondering what that means, itā€™s akin to hitting the rewind button on a record player, trying to erase the last few tunes that went awry. šŸŽ¶

Tim Beiko, in his infinite wisdom, pointed out that the idea of a rollback harkens back to a little incident in 2010 when Satoshi Nakamoto, the mysterious figure behind Bitcoin, had to patch up a transaction where a user minted a whopping 146 billion BTC. Back then, Bitcoin was as valuable as a penny candy, trading at about $0.07. Can you imagine? šŸ¬

He also reminisced about a similar hullabaloo back in 2016 with a dAPP called TheDAO, which held a hefty 15% of the ETH supply until a hacker decided to play the villain. Luckily, the developers had a failsafe that froze all withdrawals for a month, giving them time to fix the mess. Talk about a close call! ā³

Now, in light of the Bybit fiasco, Beiko argues that a rollback is as likely as a snowstorm in July. Why, you ask? Well, for starters, the Ethereum network didnā€™t break any rules; the hack was a result of a compromised multi-sig wallet where the custodian signed off on a transaction that was as real as a three-dollar bill. šŸ’µ

Moreover, the hacker has already started moving the stolen loot, unlike the TheDAO case. So, any attempt at a rollback would just turn into a never-ending game of cat and mouse. And letā€™s not forget, the Ethereum network is more interconnected than a spiderā€™s web, with bridges and DeFi protocols galore. Another ā€œirregular state changeā€ could send shockwaves through the whole system, like a bull in a china shop! šŸ‚

ETH Price Overview

As of this very moment, ETH is trading at $2,754, reflecting a 2.77% gain in the past day. Not too shabby, eh? šŸ’°

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2025-02-24 07:43