Cronos executes controversial blockchain rollback to recover crypto worth $111 million

BREAKING: Cronos executes a controversial blockchain rollback to recover crypto worth $111 million.

A blockchain just hit the undo button on 111 million dollars.

Cronos, the chain backed by Crypto. com, has executed a rollback to claw back crypto worth 111 million, and in this industry that word, rollback, is close to heresy. The whole sales pitch of a blockchain is that history is permanent. Once it's written, it's written. Nobody, not a bank, not a government, not the developers themselves, can rewind the tape.

Except, apparently, when the number gets big enough. Crypto. com's ecosystem, the one fronted by Kris Marszalek, has now shown that if enough value walks out the door, the ledger can be persuaded to forget. Traders will cheer getting funds back. Purists will call it the day Cronos stopped being trustless.

Because here's what actually got recovered today, the money, yes, but the precedent came free. Every big chain now knows a rollback is survivable. That's the part that doesn't get reversed.

This is Sara White, reporting for HIT.