AdamBack

Blockstream CEO claims Ethereum Virtual Machine’s complexity enabled hackers to drain funds
Prominent crypto figure Adam Back, known as a cypherpunk and CEO of Blockstream, took to X to share his thoughts on the recent Bybit hack, where the exchange lost $1.4 billion in ETH.
Back pointed to Ethereum Virtual Machine (EVM) as the key factor that allowed hackers to successfully exploit the system and drain Bybit’s funds.
❌ Back Criticizes EVM Complexity as Ethereum’s Weakness
According to Adam Back, the primary issue lies in the complexity of Ethereum transactions, making the network vulnerable to attacks.
📌 How did hackers exploit this weakness?
🔹 EVM is overly complex, making it difficult for hardware wallets to interpret transactions.
🔹 Blind signing of Ethereum transactions introduces security risks.
🔹 Bybit attempted to transfer $100 million in ETH from its cold wallet to a hot wallet, but hackers manipulated the process, ultimately draining $1.4 billion in total.
Back described EVM as fragile, unsecure, and overly complicated, claiming that these weaknesses increase the risk of exploits.

🔍 How Did the Bybit Hack Happen?
Bybit suffered one of the largest crypto exploits in history.
🔸 The hack was likely carried out by North Korea’s Lazarus Group, a state-backed hacking organization.
🔸 Hackers exploited vulnerabilities in Ethereum smart contracts while Bybit was transferring funds internally.
🔸 Bybit claims that the liquidity gap in ETH has now been fully closed.
🤔 Could Ethereum Perform a Rollback? A Throwback to the DAO Hack in 2016
After the attack, several Bitcoin maximalists, including Samson Mow (CEO of JAN3), sarcastically asked Vitalik Buterin if Ethereum would roll back the blockchain to recover the lost funds.
This references the infamous 2016 DAO hack, where after a $60 million ETH exploit, the Ethereum community decided to hard fork, leading to the creation of Ethereum Classic (ETC).
🚨 However, Ethereum has no plans for a rollback this time – the Ethereum team stated that the hacker’s transactions were as valid as any other transaction on the network.
📢 What’s Next? Is Bitcoin’s Dominance Rising?
Back emphasized that Bitcoin is growing in dominance, while Ethereum faces criticism over its EVM security flaws.
⚠️ Could this hack be a wake-up call for the development of safer blockchain technologies?
⚠️ Will Bitcoin and simpler blockchain structures become the future?

#BybitHack , #CryptoNewss , #AdamBack , #CryptoSecurity , #blockchain

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Adam Back, CEO of Blockstream and one of the pioneers of Bitcoin, stated on May 15, 2025, that Bitcoin remains an undervalued asset with the potential to grow to $1 million per coin in the next decade. At the time of the statement, the price $BTC
fluctuates around $95,000, showing steady growth after the 2024 halving. Back stressed that the limited supply of Bitcoin (21 million coins) and increasing demand from institutional investors, particularly through ETFs, create ideal conditions for exponential growth.

📅 August 16 | United Kingdom – United States
The crypto ecosystem is once again vibrating strongly: Adam Back, historic Bitcoin pioneer and CEO of Blockstream, has just made a statement with a strategic purchase of $2.1 billion in BTC destined for his corporate treasury.
The move, one of the most ambitious of the year, puts Blockstream in the direct race to catch up with—and possibly surpass—**Marathon Digital Holdings (MARA)** in Bitcoin volume under management.
In a market where the “Bitcoin as a reserve asset” narrative is gaining ground in the face of macroeconomic uncertainty, this move reinforces Back's vision: BTC is not only a technological experiment, but the foundation of an alternative financial system under construction.

How the Strategy Began
Adam Back is no newcomer. Known for being mentioned in Satoshi Nakamoto's original whitepaper and as the inventor of Hashcash (the precursor to the proof-of-work system), Back has been championing Bitcoin's value as digital gold for over a decade. His company, Blockstream, has been involved in mining projects, sidechains, and issuing BTC-backed bonds.
The announcement of the new $2.1B Bitcoin hoard marks a turning point:
Blockstream now fully enters the club of corporations with massive BTC reserves, alongside names like MicroStrategy and Tesla. With this purchase, the company is rapidly approaching the levels of MARA, which until now led the narrative of institutional holdings in the mining sector. The move also sends a clear message to regulators and markets: Bitcoin is still seen as a strategic asset in times of inflation and financial volatility.

Rivalry with MARA and the New Narrative
Marathon Digital Holdings (MARA) had set the tone with its steady accumulation of BTC, achieving one of the largest treasuries in the mining sector. But the entry of Blockstream with such a wealth of assets changes the game:
MARA boasts one of the largest BTC balance sheets on Wall Street, but now faces a significant competitor in terms of narrative and legitimacy. Adam Back isn't just buying Bitcoin: he's publicly defending its role as a sovereign asset, amplifying the reputational impact of the move.The question is whether this surge in corporate "Bitcoin treasuries" will ignite a new wave of institutional FOMO in the midst of accumulation season.
With BTC ETFs already in operation and growing interest from sovereign wealth funds, Back's move could be interpreted as a warning: companies are not only competing for revenue, but also for who holds the most Bitcoin on their balance sheet.

Topic Opinion:
Bitcoin is no longer just a speculative asset, but an instrument of corporate and geopolitical power. Adam Back—one of the ecosystem's most respected figures—taking this massive step validates the narrative of institutional accumulation. We will increasingly see companies fighting not only for market share, but also for who controls the most BTC on their balance sheet.
💬 Do you think this move by Adam Back will unleash a new corporate Bitcoin accumulation race?

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