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Beiko: We Cannot Roll Back Ethereum
In a recent interview, Bybit’s Head of Operations, Marshall Beiko, shared his thoughts on the recent Bybit hack and its implications for the Ethereum ecosystem. When discussing the possibility of rolling back Ethereum to prevent future hacks, Beiko emphasized that it is not feasible.
“We cannot roll back Ethereum,” Beiko stated. “The complexity of today’s Ethereum ecosystem makes it possible to obfuscate stolen funds. In the case of TheDAO hack, we were able to freeze the funds for a month and coordinate on a software upgrade. However, in the Bybit hack, the hacker was able to move the funds immediately.”
Beiko’s statement highlights the significant challenges that come with attempting to roll back Ethereum’s blockchain. As he explained, the complexity of today’s ecosystem makes it difficult to effectively freeze stolen funds or prevent them from being moved.
The Bybit hack has sent shockwaves throughout the industry, with the price of Ethereum (ETH) momentarily dipping below $2,600 before recovering. Despite this setback, Beiko remains optimistic about the future of Ethereum and its decentralized finance (DeFi) ecosystem.
In conclusion, Beiko’s statements underscore the importance of adapting to the challenges posed by advanced hacking techniques and emphasizing the need for robust security measures within the Ethereum ecosystem.
Source: U.Today
