Bitcoin Q&A: Binance Hack, Chain Roll-back? - vTomb

Bitcoin Q&A: Binance Hack, Chain Roll-back?

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Binance considered rolling back the Bitcoin chain in order to recover stolen funds. How would that have happened? How likely is it that such a recovery method would be executed in the future?

0:00 Binance said they considered rolling back the Bitcoin chain, but then decided against it. How on earth would that have even happened, if they had decided to do it? What would have happened? Would this mean launching a 51% attack?
2:49 Think about this: the chain that was re-organized starts 145 blocks in the past, compared to the minority chain. Let's say that Binance didn't manage to launch this attack until one day after the theft
4:31 Let's say that Binance managed to organise this attack in a much shorter period of time. They act quickly to collaborate with miners, perhaps persuade some pools to join them
6:57 The attacker could offer a bribe of their own
8:12 How would the proposed roll-back work?

This question is from the May monthly subscriber session, which took place on May 25th 2019. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron:

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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.

Follow on Twitter: @aantonop

He is the author of two books: “Mastering Bitcoin,” published by O’Reill...

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