Your comment is quite misleading. Blockchain is all about verification and transparency and that is the reason why people knew about the hack that quickly. Authorities, private companies and individuals are following the funds block after block. The hack concern an exchange, a central entity with lots of ether tokens, not a blockchain.
From my understanding and this is still under investigation, the main issue is that the compromised exchange didn’t suffer from any breach. Their multi-sig setup signed a transaction liked if the company was agreeing. Could have been all the required key stolen ? Maybe. All the employee having keys getting corrupted ? Unlikely.
From what I’ve read on the Ethereum Virtual Machine (EVM) multi-sig (Safe or Gnosis safe as exemples) setups users have no way for harware wallets (signing devices) to verify what they are signing and that the whole Ethereum ecosystem has been used to blindly signed for years. So they could have hacked the centralized coordinator entity such as app.safe.global but as I said this is still under investigation.
This is an Ethereum (or more of a EVM) design issue that you don’t have on Bitcoin multi-sig ecosystem for exemple where all the mainstream hardware wallet let you verify on their screen what you are signing.
A feature of blockchains (well not really blockchain in itself but rather in there competitive PoW consensus mechanism (I know Ethereum switched to PoS but…) is immuability and finality of the transactions, so you cannot rollback. Ethereum did a rollback in the early days creating a fork named Ethereum Classic which is the ledger that did not rollback. I don’t think Ethereum will rollback again, especially for such a small amount of eth and I think if they wanted and could have to, it would have been done already.
This while being a scary feature at first, in reality it enable you to create reversible transactions through escrow multi-sig setup emulating what the banking system sometime offer (a friend of mine couldn’t cancel an international bank transfer after 15 minutes for some reasons (he got scammed)). So you get the soft system built on top of a hard system, unlike internationnal banking which is soft only.
Your comment is quite misleading. Blockchain is all about verification and transparency and that is the reason why people knew about the hack that quickly. Authorities, private companies and individuals are following the funds block after block. The hack concern an exchange, a central entity with lots of ether tokens, not a blockchain.
From my understanding and this is still under investigation, the main issue is that the compromised exchange didn’t suffer from any breach. Their multi-sig setup signed a transaction liked if the company was agreeing. Could have been all the required key stolen ? Maybe. All the employee having keys getting corrupted ? Unlikely. From what I’ve read on the Ethereum Virtual Machine (EVM) multi-sig (Safe or Gnosis safe as exemples) setups users have no way for harware wallets (signing devices) to verify what they are signing and that the whole Ethereum ecosystem has been used to blindly signed for years. So they could have hacked the centralized coordinator entity such as app.safe.global but as I said this is still under investigation.
This is an Ethereum (or more of a EVM) design issue that you don’t have on Bitcoin multi-sig ecosystem for exemple where all the mainstream hardware wallet let you verify on their screen what you are signing.
A feature of blockchains (well not really blockchain in itself but rather in there competitive PoW consensus mechanism (I know Ethereum switched to PoS but…) is immuability and finality of the transactions, so you cannot rollback. Ethereum did a rollback in the early days creating a fork named Ethereum Classic which is the ledger that did not rollback. I don’t think Ethereum will rollback again, especially for such a small amount of eth and I think if they wanted and could have to, it would have been done already.
This while being a scary feature at first, in reality it enable you to create reversible transactions through escrow multi-sig setup emulating what the banking system sometime offer (a friend of mine couldn’t cancel an international bank transfer after 15 minutes for some reasons (he got scammed)). So you get the soft system built on top of a hard system, unlike internationnal banking which is soft only.