crypto.news28 minutes ago

Published on February 23, 2025 14:00 GMT+00:00edited on February 23, 2025 14:09 GMT+00:00

An Ethereum developer provided an explanation of why the network cannot “rollback” transactions to recover Bybit’s stolen $1.4 billion.

The analysis compares the current situation with two historical cases where blockchain reversals were feasible. In 2010, Bitcoin successfully rolled back transactions when a bug created 184 billion BTC. The developer Tim Beiko stated that it was possible due to the network’s small size and clear protocol violation.

Similarly, Ethereum’s 2016 The DAO hack recovery succeeded because the stolen funds were frozen for 30 days, allowing time for community coordination.

Beiko mentioned that the Bybit hack has fundamentally different challenges. The theft happened through a compromised multisig interface that made malicious transactions appear legitimate to …