An important debate started at the Ethereum ecosystem. Arthur Hayes, the founding partner of Bitmex and a major Ether (ETH) investor, suggested that the Ethereum network (Rollback) was released to alleviate the effects of the Bybit attack last day. However, this suggestion led to serious concerns among market participants.
Hayes’ suggestion and Bybit hacking incident
Bybit Stock Exchange lost Ether Ether of $ 1.4 billion. The incident was detected by Zachxbt on the chain, and it turned out that the attacker turned the stolen funds into ETH through a decentralized stock market. In addition, it was determined that the attacker divided 10,000 ETHs to 39 different addresses and another 10,000 ETH in nine different addresses. Following these developments, Arthur Hayes advocated a direct call to Ethereum’s founding partner Vitalik Buderin and defended the chain back. Hayes recalled the harsh fork after the DAO attack in 2016 and said, “The community rejected the invasion in 2016. Then we can do it once again. ” He said.
What is Rollback and what does it mean to Ethereum?
Rollback means that the Blockchain network is returned to a certain point and invalidates the transactions caused by the attack. Ethereum, after the major losses in the DAO attack, divided his network into two using this method and separated with Ethereum Classic. However, the application of a rollback in today’s conditions can affect many critical elements. In particular, systems such as bridges, fixed crypto currencies (stablecoin), second layer solutions (L2) and tokenized assets (RWA) may be seriously damaged by this process.
What was the reaction of the market?
The reactions from the crypto community were largely negative. “It was possible to return after the DAO attack, because 15 percent of the loss could be recovered. However, today Ethereum ecosystem is much more complex and a rollback process can disrupt everything. ” he said.
Sina 21st Capital emphasizes that Ethereum is in a difficult dilemma and said, “Ethereum will either sacrifice its decentralization or allow North Korean hackers to hold $ 1.4 billion in their hands. In both cases, the results may be disaster. ” made a statement in the form. Following the discussions, the price of ETH has decreased by about 3 %in the last 24 hours. According to market data, ETH is currently trading between $ 2,600 to $ 2,800.
