Imagine waking up to find yourself discovering that someone stole $1.4 billion in Ethereum in your crypto platform. Such is what BitMEX co-founder Arthur Hayes woke up to in recent days. In response, Hayes floated calling for resetting Ethereum's button to steal monies. Easy, right? Easy, in the same way to delete a typographical glitch. In crypto, though, such is akin to unbake cake.
The Bybit Fiasco
Bybit's security breach cost them an eye-wateringly large quantity of Ethereum, amounting to $1.4 billion. The hackers didn't steal and make their getaway; danced their digital ballet, transferring monies between accounts in an eye-blink, before "blockchain" ever passes lips. The hack is crypto's recent-largest, and everyone's scratching their digital purse strings, holding on to them a mite tighter.
Hayes' Hail Mary
Enter Arthur Hayes and his do-or-die solution: to rollback Ethereum's chain to reverse the hack. He reminded everyone that Ethereum did something similar to that in 2016 after the hack on the DAO. So, do better today? It's akin to saying, "Hey, we reset the game before when we got defeated; lets do so again!"
Community Clapback
The Ethereum team did not shower red-carpet treatment on to this idea. Critics have pointed towards a threat to the immutable core of blockchain. If any serious hack leads to rollback, the blockchain may be no better than politician's word. And rewriting history on regular bases may open a floodgate to regulators and undermine confidence in system.
Lessons Learned
While the attractiveness of having an "undo" button for a blockchain is tantalizing, no magic wand is on the horizon. The Bybit debacle illustrates how crucial having a bulletproof protection and maybe an healthy amount of caution in crypto is. Whatever, in an environment where no authority figure is available to ring up if something goes wrong, perhaps we ought to rethink our habits and think twice before suggesting we turn back time.
Disclaimer
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