Adam Back, CEO of Blockstream, commented on the recent Bybit hack where $1.4 billion worth of Ethereum was stolen. Back believes that the complexity of the Ethereum Virtual Machine (EVM) and Ethereum transactions allowed the hackers to succeed. He stated that hardware wallets, such as Ledger, struggle with conducting transactions on the Ethereum blockchain due to its complexity. In the case of Bybit, the exchange was trying to transfer $100 million from a cold wallet to a hot wallet, but the blind signing mechanism involved allowed the hackers to manipulate the smart contract and steal the entire cold wallet. Back criticized Ethereum and EVM as being complex and unsecure. The hack is believed to have been orchestrated by a North Korean hacking group, and some Bitcoin maximalists suggested a rollback on the Ethereum chain to recover the lost funds. However, the Ethereum team stated that the transaction was legitimate according to the Ethereum protocol. Bybit has since closed the gap in Ethereum liquidity.



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