The recent Bybit hack, one of the largest in cryptocurrency history with a loss of $1.4 billion in Ether-related tokens, has ignited a fierce debate between Bitcoin and Ethereum supporters. Adam Back, co-founder of Blockstream, pointed to the “mis-design” of the Ethereum Virtual Machine (EVM) as the fundamental flaw leading to the breach. According to Back, the EVM’s complexity undermines security and, therefore, the credibility of the entire crypto ecosystem, including Bitcoin, which is undeservedly affected by such incidents.
Back’s comments emphasize the EVM’s vulnerabilities, labeling it “complex, fragile, blind-signed,” and inherently insecure, referencing ongoing significant financial losses due to EVM-related contract hacks. He argues that the intricacies of verifying transactions on hardware wallets, attributed to the EVM’s complexity, pose significant security issues.
In contrast, others in the cryptocurrency community contend that operational security lapses, particularly those involving multisignature wallets, are the primary cause of the hack. Dima Budorin of Hacken and Lex Fisun of Global Ledger suggest that multisig vulnerabilities and other security weaknesses are not exclusive to Ethereum but are a broader issue affecting various blockchain ecosystems, including Bitcoin.
While the debate rages on, Ethereum co-founder Vitalik Buterin has remained silent on these particular accusations about EVM security. Bybit has also refrained from commenting on the potential role of the EVM in the security breach. Meanwhile, in the aftermath of the hack, the perpetrator has reportedly become one of the largest ETH holders globally, prompting further scrutiny within the crypto community.
