Tim Beiko, one of Ethereum‘s lead developers, has made it abundantly clear that the blockchain isn’t a time machine—no rolling back allowed, even after a jaw-dropping $1.4 billion hack last Friday. 🕰️💥
Beiko, with the calm of a man who’s seen it all, explained that the Ethereum protocol itself is blameless. “From the perspective of the Ethereum protocol, there is nothing to distinguish that transaction from other legitimate transactions on the network,” he said, as if explaining why you can’t un-burn toast. 🍞🔥
Ah, but let’s not forget the DAO hack of 2016, where Ethereum famously hit the “undo” button with a hard fork. Back then, a hacker exploited a vulnerability in the DAO smart contract, making off with $60 million in ETH. The community responded by creating a new version of the network, effectively erasing the attacker’s ill-gotten gains. The old chain? It’s now known as Ethereum Classic—the blockchain equivalent of that one friend who refuses to upgrade their phone. 📱🦖
“Hacked funds from TheDAO were effectively frozen for a month, giving time for the community to coordinate on a software upgrade,” Beiko reminisced, as if recalling a simpler time when hacks came with a pause button. ⏸️
But this time? No such luck. The Bybit hacker moved the funds faster than a caffeinated squirrel on roller skates. 🐿️💨 Today’s Ethereum ecosystem is a labyrinth of complexity, making it all too easy to hide stolen funds. 🕵️♂️💰
As U.Today reported, the hack was made possible by a custodian falling for a fake multi-sig interface—proof that even in the world of blockchain, phishing scams are alive and well. 🎣🤦♂️
The hack sent shockwaves through the industry, with Ethereum’s price tumbling to $2,600. But like a phoenix rising from the ashes (or a cat with nine lives), Bybit’s Ethereum reserves are already recovering from the 401,000 ETH loss. 🐈⬛🔥
And the price of Ethereum? It’s already bounced back above $2,800, shrugging off the Bybit shock like it was just another Tuesday. 💪📈
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2025-02-23 15:34