Controversy Surrounds Proposal to Roll Back Ethereum Network After $1.4B Bybit Hack
I would support it because we already voted no on immutability in 2016, Hayes said on X. Others are worried that a potential rollback would hurt the Ethereum ecosystem.
Arthur Hayes, the co-founder of BitMEX, has proposed a controversial idea to roll back the Ethereum network following the recent $1.4 billion hack on Bybit. Hayes argued that since the community had previously voted against immutability in 2016, a rollback could be justified.
The proposal has sparked mixed reactions within the cryptocurrency community. While some like Hayes are in favor of the rollback to mitigate the impact of the hack, others are concerned about the potential consequences it could have on the overall Ethereum ecosystem.
This move raises debates about the trade-offs between security, decentralization, and the principles of blockchain immutability. The Ethereum community is now faced with a challenging decision on how to address the aftermath of the Bybit hack without compromising the core values of the network.