Arthur Hayes, co-founder of Bitmex and Major Etealer (ETH), asked the co-founder of Ethereum Vitalik Buterin to restore the network to help the bordeau of hacked exchange, which lost nearly 1, $ 4 billion from Ether (ETH) on Friday.
“@Vitalikbutin you will plead to make the channel back down to help @bybit_official. My own point of view as holder of the mega bag $ ETH is $ ETH ceased to be money in 2016 after the Hack Hardfork. If the community wanted to do it, I would support it because we have already voted not on immutability in 2016 [wh]Don’t you start again? “Said Hayes on X.
Buterin had not yet responded at the time of publication.
Bybit’s hacking appeared on Friday when the Zachxbt chain analyst noted suspicious outings of more than $ 1.4 billion in the exchange, the attacker quickly exchanging methamphetamine and steth against ether thanks to A decentralized exchange.
The attacker then divided 10,000 ETH at 39 different addresses and 10,000 other to nine addresses, Gautham Santhosh, co-founder of Polynomial.fi, explained on X.
The CEO of Bybit, Ben Zhou, said that the pirate “had” taken control of the specific Cold Seth portfolio and transferred the whole ETH to the cold portfolio at this unidentified address “. Zhou confirmed that the exchange” is Solvant even if this loss of hacking is not recovered “.
One of the potential ways to treat hacking is to backfire the blockchain. This implies returning the blockchain to a state before the occurrence of a specific event, in this case, hacking. In this way, malicious transactions resulting from hacking can be erased, effectively restaurants lost or stolen funds. The implementation of a decline requires a consensus of the participants in the network.
For example, in 2016, the Ethereum network was canceled using a hard fork to reverse a flight of 60 million dollars in Dao ether (30% of all ETH in circulation at the time). The hard fork divided the chain in two – Ethereum and Ethereum Classic.
In 2019, the CEO of Binance, Changpeng Zhao, and his team considered putting pressure on the Bitcoin network after a $ 40 million hack. However, the community of Bitcoin mines has criticized the idea of ​​returning to the principle of decentralization and immutability, which are fundamental for blockchain technology.
Immuability is a safety feature that prevents data from being modified once it is added to the blockchain to make it trustworthy and excited. There are similar concerns concerning a potential overthrow of Ethereum.
“I want us to be able to go back for the hacking of Bybit, I am not against the idea. But the Hack Dao was 15% of the ETH with its clean recovery path. Today, a hindsight would break Bridges, stablecoins, L2, Rwas and therefore much more.
Sina 21st Capital explained that Ethereum is now stuck between a rock and a hard place.
“Ethereum is a toast. They can reduce the chain and destroy what remains of the claim for decentralization or allow the actors of Baad North Korean to keep $ 1.4 billion of Eth and to release an eternal internal battle. Anyway, it’s terrible “, Sina 21st Capital said on X.
Ether dropped by almost 3% in 24 hours, but continues to negotiate a beach between $ 2,600 and $ 2,800, according to Coindesk data.
