An atherium developer explained why the network could not “rollback” the “rollback” transaction to recover the $ 1.4 billion of the theft of the bibit.
The analysis compares the current status with two historical cases where blockchain reversal was possible. In 2010, Bitcoin successfully withdraws the transaction when a bug made 184 billion BTC. Developer Tim Beeco stated that this was possible due to the small size and clear protocol violation of the network.
Similarly, Etreum’s 2016 DAO hack recovery was successful as the stolen amounts were frozen for 30 days, allowing time for community coordination.
Beeco mentioned that the Bibit hack has fundamentally different challenges. Theft took place through an agreement signed through a multicing interface that legalized malicious transactions to signators.
From the perspective of Ethereum’s (Eth), these transactions followed all protocol rules, thereby there was no technical basis for intervention.
Efforts to reverse reverse bibit hack can cause disintegration
Beeco also stated that modern cryptocurrency infrastructure has also become more complicated. Stolen funds were immediate mobiles and could be rooted through decentralized exchanges, borrowed protocols and cross-chain bridges.
This interaction means that any attempt to reverse the transaction will cause disruption in the ecosystem. It can affect legitimate trades and settlements, they say.
While the atherium can still theoretically apply “irregular state changes” when funds are frozen and isolated, such a final proposal in 2018 faced strong opposition. The purpose of that attempt was to recover 500,000 frozen ETHs from a Samta wallet bug, but was rejected due to concerns about centralization and example.
The technical boundaries have been further exposed by recent developments. The Crypto Mixer Platform Exchange has rejected the request of the bible for cooperation in tracking the stolen funds.
A blockchain protection firm, Slowmist, reports that hackers have already begun to rob ETH through EXCH, converting it into bitcoin (BTC), Monero (XMR), and other cryptocurrency.
The founder of the Slowmist warned that the EXCT had a history of hostile behavior towards security researchers and recommended that the exchange enhances the risk control for funds arising from the stage.
Rapid movement of assets through mixing services shows why technical solutions such as rollbacks are not viable for major theft in today’s crypto ecosystem.
