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Ethereum’s EVM Design Blamed for Bybit Hack, But Experts Disagree on Root Cause
Bybit’s massive $1.4 billion hack has sparked a heated debate in the cryptocurrency community over the root cause of the attack. Adam Back, co-founder of Blockstream and prominent Bitcoin advocate, is blaming Ethereum’s Virtual Machine (EVM) design for the breach. However, other experts are quick to disagree, pointing instead to multisig wallet vulnerabilities as the primary culprit.
Back claims that the EVM’s complexity invites hacks like this one, citing an inability to verify transactions on hardware wallets. He asserts that this highlights broader issues with Ethereum’s security, which in turn tarnishes the credibility of the entire cryptocurrency ecosystem, including Bitcoin. Back’s stance has sparked a lively discussion about the incident’s root cause.
On the other hand, experts like Dyma Budorin, CEO of Hacken, argue that multisig weaknesses, rather than EVM design, are to blame for the hack. He emphasizes that these vulnerabilities affect all blockchain ecosystems, not just Ethereum. This perspective suggests that the breach was a result of poor execution, rather than an inherent issue with the EVM.
Another expert, Lex Fisun, CEO of Global Ledger, agrees with Budorin’s assessment. He highlights that only one of Bybit’s cold wallets containing Ether-related tokens was compromised, further supporting the theory that flaws in multisig management led to the breach.
As a result, this debate has brought attention to the ongoing security concerns within cryptocurrency exchanges and their wallet setups. While some advocate for changes in blockchain design, others emphasize the importance of proper operational safeguards.
Regardless of the root cause, it is clear that the incident highlights persistent risks within the industry. Any vulnerabilities exposed by this hack could influence future security standards across the sector.
Source: https://cryptonewsland.com/ethereums-evm-design-blamed-for-bybit-hack/
