this post was submitted on 30 Oct 2026
502 points (99.0% liked)
Technology
89355 readers
3473 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related news or articles.
- Be excellent to each other!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, this includes using AI responses and summaries. To ask if your bot can be added please contact a mod.
- Check for duplicates before posting, duplicates may be removed
- Accounts 7 days and younger will have their posts automatically removed.
Approved Bots
founded 3 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Isn't blockchain just a way to control the transactions? Why can't they just reverse the transactions and essentially deny the theft?
A blockchain doesn't actually provide control over a transaction, it just verifies that it happened. It's supposed to be a long, immutable record of every transaction that has ever ocurred, which is precisely why transactions can't be reversed. The work of verifying those transactions is performing by miners, or some other "proof of" design where you have an authority in the chain that confirms it.
Basically, it's nothing more than a fancy receipt.
Because there is no centralized entity whom you can ask to do that, that's the whole point. Only the change to the community controlled consensus - (most of miners, node runner, validators and users agreeing to it) can achieve that, but there is no interest in that as it would undermine one of the main principals of crypto currency and it's cash like properties - transaction irreversibly.
Something like this happened with Ethereium iirc and the coin split into two. One were the transaction was reverse and the OG one. But they were able to reverse the transaction because all the biggest holders decided to. Not sure if those coins stole from binance are as centralized as Ethereum was at that moment to be able to do it.
Well if you did that, then crypto would cease to be useful as a criminal currency, wouldn't it?