this post was submitted on 23 Feb 2025
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Cybersecurity
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It's Ethereum, so close relevance to anything web3.
It won't seem reasonable to the people developing the software or running the staking nodes whose consensus would be needed, see https://nakamoto.com/credible-neutrality/ for an idea of why. Basically the idea is that the more a network acts to impartially execute algorithms than as a subjective governance body, the more it can be relied on without worrying about the potential bias of that governance, and that impartiality is at the core of its actual value. The whole "code is law" thing might not be literal reality, there is a line, but that line is located at an existential threat to the network itself (ie. the DAO hack hardfork which was the only time this was really done, or the plans for a hard fork to recover after a hypothetical quantum computing attack breaks encryption on all wallets).
If there was an office somewhere practically able to wield a ctrl-z button for Ethereum accepting support tickets for its use, that would be a very different sort of cryptocurrency and imo not one that would be likely to work out.
Anyway this kind of hack does suck, but I think ultimately the lesson just has to be for people to either self custody or avoid crypto entirely. Centralized crypto exchanges rarely deserve the trust placed in them.