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The Ethereum 
$1,796 ecosystem has been shaken by one of the largest cyberattacks in recent history. The Bybit exchange lost $1.4 billion in ETH due to the hackers’ actions. Arthur Hayes, a co-founder of BitMEX, suggested that Ethereum should be rolled back to recover these losses, igniting significant debate regarding the principle of decentralization.
Debate Over Rolling Back the Ethereum Network
Hayes’ call for a rollback echoes the hard fork implemented after the 2016 DAO attack. This earlier incident led to a split in Ethereum, causing much controversy at the time. Hayes indicated that a similar process could be repeated under current circumstances.
The stance of Ethereum co-founder Vitalik Buterin on this matter is highly anticipated. Although blockchain experts acknowledge that a rollback could be technically feasible, they argue it would undermine Ethereum’s claim to decentralization. Some experts also point out that the network’s complexity has increased significantly since then, suggesting such an intervention poses both technical and economic risks.
Impact of the Hack on the Markets
Bybit’s CEO, Ben Zhou, announced that the company’s financial structure remained unaffected after the hack. Zhou explained that the hackers had seized a specific cold wallet, resulting in a significant theft of ETH. He reassured stakeholders that there were no liquidity issues on the platform.
Experts warn that large-scale attacks could damage trust in the blockchain ecosystem. Proponents of decentralization believe that rolling back the chain would jeopardize Ethereum’s reliability, highlighting that similar past interventions have sparked significant controversy. Following this incident, the future of the Ethereum network is now under intense scrutiny, with Hayes’ proposal exacerbating divisions among ETH holders and developers.
