Ethereum blockchain hacked for second time
The current Ethereum blockchain experienced another reorg on May 25th 2022. This is the second time Ethereum chain has been reorg-ed. Infact, we have not seen 7-block reorgs on Ethereum mainnet blockchain in years.
This also shows that current attestation strategy of nodes should be again reconsidered to hopefully result in a more stable chain. This shows that analysis by Georgios Konstantopoulos and Vitalik Buterin was too optimistic when both said reorging Etheruem chain will be more difficult when Ethereum moves from Proof of Work (PoW) to Proof of Stake (PoS).
So, should you be concerned? Well, if a hacker was sitting on a zero-day exploit, he would have already attacked Ethereum blockchain and capitalized on it before this information was made public. We think the merge needs to go smoothly, and I’m actively rooting for it even as someone helping build another L1. The merge going wrong would hurt us all.
Worrisome. We underestimate how important the success of this transition is to crypto as a whole. At this point I’d eth fails it drags everything else down with it. Everything.
We would suggest that a successful POS means death of POW as a whole. Sort of like a new religion for crypto. Doge the next follower, and down the line. I can’t say what’s better but time will give us the answer.