this post was submitted on 23 Feb 2025
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Cybersecurity
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These incidents sincerely undermine some of the “big advantages” of blockchain. I worked for an NFT company for awhile, and we talked about how people stealing like this would just have the funds reversed because the blockchain can fork to solve it. But that shit rarely happens, or if it does, it’s probably all international money laundering. I have 0 faith in the community now, and it was a whole cult back in 2021.
This is a pretty naive perspective when it goes directly against the whole ethos of the network. You can't have credible neutrality and also have hardfork bailouts every time a centralized exchange with poor security practices gets hacked or "hacked", these are mutually incompatible things. For a financial infrastructure that does reversals and central authority judgment calls, there is always fiat and banks.
I think it's worth mentioning that this isn't the first time eth suffered a big attack and it also wouldn't be the first time they'd hard fork to roll back on the transactions. An attack in 2016 was rolled back in 2017, creating the eth classic, which ignored the changes.
Basically accurate except I wouldn't classify a theft of Eth from a centralized crypto exchange as an attack on Ethereum, both because it doesn't threaten Ethereum itself and because it wasn't done using an exploit in Ethereum, this was a phishing attack afaik.