ETHEREUM developer meters idea about Blockchain retreating amid BYBIT

Ethereum Tim Beiko developer rejected the idea of ​​retreating from Ethereum Blockchain after hacking byBit Crypto Exchang. in Detailed In X, beiko explained the reason for the inability of such a and non -practical suggestion.

Pico says the Ethereum network is very connected to a decline

On February 21, the Dubai -based stock exchange suffer The largest encoding penetration in history, as bad actors removed $ 1.4 billion in ETH Mantle-Stake ETH (METH) and other ERC-20 symbols by including one of the cold cold portfolio. As expected, this development has shook the industry that draws a letter about different recovery channels.

One of these channels that are discussed is the potential decline of the ethereum network. As the name suggests, Blockchain Rollback is the process of returning to Blockchain to previous case, which effectively declines from modern transactions.

According to Tim Picot, the idea of ​​Blockchain can be tracked to the Bitcoin network in 2010, where Satoshi Nakamoto published a correction of the program to nullify the transaction as the user collected 146 billion BTC. However, the software developer notes that bitcoin mining efforts were slim at this time with the trading of the leading cryptocurrency by about $ 0.07.

Beiko also refers to a similar incident Ethereum network In 2016, when a specific DAPP known as the TEDAO bearing an estimated 15 % of ETH supplies under the control of the infiltrator was exposed. Fortunately, the TEEDAO developers carried out a failed force, all of the DAPP clouds for a month in the event of penetration.

This time, Ethereum developers allowed the effect of a change in Blockchain and thus manually updating the THEDAO database in “changing an irregular condition”. It is worth noting that this decision caused a lot of division in the ETH community in the end, which led to the Hardfork that created the classic Ethereum series.

In the context of BYBIT, Beiko explains that the Blockchain retreat will be almost impossible due to multiple factors. First, the ethereum network does not discover the bases of broken protocol as the penetration occurred through a multi -wallet interface where the guardian was signed falsely offered, which led to the loss of assets.

Moreover, the ETH developer notes that the infiltrator has begun to transfer stolen money, unlike the THEDAO case. Therefore, any attempt to retreat will lead to a continuous cat and mouse game. Finally, the ETHEREUM network has been developed and interconnected with multiple bridges and DEFI protocols, and thus can cause a “irregular state change” catastrophic effect.

ETH price overview

At the time of this report, ETH is trading $ 2754, which reflects a 2.77 % profit last day.

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