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- Ethereum developer Tim Beiko strongly opposes calls for a blockchain rollback after the $1.5B Bybit hack, citing technical and systemic risks.
- Unlike TheDAO hack in 2016, Bybit’s exploit happened instantly, leaving no window for intervention or mitigation.
- Rolling back Ethereum’s state would disrupt countless legitimate transactions, undermining the network’s immutability and trust.
Calls for rolling the Ethereum blockchain back to its pre-Feb. 21 states following the staggering $1.5 billion Bybit hack have been met with adamant pushback from core developer Tim Beiko. Amidst rising calls from market players, Beiko cautioned that the rollback would be logistically impossible and would unleash chaos in the system.
“It’s worth breaking down why this seemingly reasonable proposal is technically intractable for those less familiar with the protocol,” Beiko stated in a Feb. 22 post on X.
ELI5 why we cannot "rollback" Ethereum?
After yesterday's Bybit hack, crypto commentators are again asking why Ethereum cannot "rollback" the chain to reverse the hack.
While experienced ecosystem actors near-unanimously agree that this is infeasible, it's worth breaking down…
On Feb. 21, hackers infiltrated Bybit through a deceptive transfer from its multisig wallet to a warm wallet. The transaction appeared legitimate, but hidden within was malicious code that manipulated smart contract logic, allowing the attackers to siphon off funds.
“A compromised interface made it appear as though a transaction was executing one action when it was actually performing another,” Beiko explained.
Compared with the 2016 hack of the notorious TheDAO, when developers had a month-long window of opportunity because a safeguard was built in, Bybit’s culprits struck with no wiggle room. By sucking down approximately 15% of all circulating ETH at the time, the hack prompted the hard fork of the much-maligned Ethereum. But Beiko argued that the Bybit case is fundamentally distinct, with rollback being as impossible as dangerous.
Ethereum Developers Reject Rollback Requests
Ethereum has been much more advanced since 2016 with the introduction of decentralized finance (DeFi), cross-chain bridges, and multiple on-chain transactions interconnected with each other in its system. Rolling back Ethereum’s state would unravel the hacker’s actions and the honest actions, with the loss beyond fixing, as per Beiko.
“This level of interconnectedness means that any irregular state change, even if socially acceptable, would have near-intractable ripple effects,” Beiko warned.
A full-scale rollback would be even more disruptive, wiping out countless legitimate trades, settlements, and real-world asset redemptions while leaving off-chain agreements unchanged an outcome that could fracture trust in Ethereum’s immutability.
Ethereum educator Anthony Sassano reinforced Beiko’s stance, dismissing rollback demands as unrealistic. “That’s not how any of this works, and it’s not even how it worked with The DAO hack,” Sassano asserted.
Anyone calling for a fork to rollback the Ethereum chain in order to save ByBit's ETH needs to get their head checked
That's not how any of this works and it's not even how it worked with The DAO hack
As the debate rages on, Ethereum’s developers remain resolute in preserving the integrity of the blockchain, even in the face of one of the largest exploits in crypto history. With billions at stake, the industry is left grappling with the ever-present risks of on-chain vulnerabilities and the hard truths of decentralization.
Yuga Labs VP Warns of Rollback Impact
Yuga Labs’ Blockchain VP, known on X as 0xQuit, warned that rolling back Ethereum would have a far-reaching impact, exceeding $1.5 billion.
“Thousands of innocent users would lose funds, while thousands more would gain money they shouldn’t,” Quit posted on X. He emphasized:
“Ethereum serves as the foundation for decentralized finance and countless rollups. Rewinding such critical infrastructure isn’t an option.”
Ethereum could rollback, yes (so could bitcoin btw, all you need is majority consensus).
The impact of doing so would be larger than $1.5B. Thousands of innocent people would lose money, thousands more would gain money they shouldn't Accounting for all major players like Circle…
Despite this, some industry leaders continue to push for a rollback.
Jan3 CEO Samson Mow voiced his support in a Feb. 22 X post, stating, “I fully support rolling back Ethereum’s chain (again) so the stolen ETH is returned to Bybit and to prevent the North Korean government from funding its nuclear program.”
Similarly, BitMEX co-founder Arthur Hayes called on Ethereum’s co-founder, Vitalik Buterin, to take action, tagging him in an X post urging him to “advocate to roll back the chain.”
Bybit CEO Ben Zhou, however, took a more cautious stance during a Feb. 22 X Spaces discussion. When asked about his position, he responded:
“I’m not sure if this is just one man’s decision. In the spirit of blockchain, maybe the community should vote on it, but I don’t know for certain.”
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