Our systems are as shitty as any other industry, security problems are there, and social engineering is a problem. However, there is one simple rule which allows us to worry less about possible hacks, and when this rule is broken for some reason, shit usually hits the fan (like in the case of Bangladesh heist).
The rule is: it always should be possible to manually reverse the transaction.
Ethereum got it right. Welcome to the real finance.
Ethereum reversed the transaction because of a TBTF situation.
The DAO (a Layer 2 system built on Ethereum) accumulated too much of the entire market cap of the underlying Ethereum network, making it a threat to the underlying network. THEN the DAO failed, threatening the entire underlying Layer 1 network (the blockchain and its ecosystem of miners).
Were it not for the possibility of existential threat (TBTF) then no fork would have been possible, regardless of how much fraud it enabled or how many bugs were found.
The problem is that the crypto community is choosing to not see this for what it is: the inherent systemic vulnerability of a L2 system running on an L1 blockchain. If another DAO - or Lightning Network - or any "L2" system running on top of a crypto garners enough capital from the underlying network, then the L2 system is a weapon that can be used to damage the L1 network.
Crypto enthusiasts should take this as a grim warning: L2 applications can hijack the L1 network and damage it. For this reason, we should be skeptical of any L2 network with excess capitalization.
We should be even more skeptical of any group of devs trying to foist an L2 solution on the community as a one-size-fits-all solution (to distributed apps, to transaction scaling, etc).
Can't tell you how many offices and server closets I walked into and had to ask the question "Hey, what's this machine do?" or "Hey, what's this laptop plugged in for?"
Also lots of "This network is wired in a way that totally doesn't match the spec/use case/documentation."
The construction and cleaning contractors we had had full access to our most secure rooms as well as anyone in the IT department.
The potential for insider and socially-engineered grift is huge.
Well, ethereum classic fork seems to be still alive, and many exchanges are considering adding it. So, it was reversable, but the work and the after-effects were pretty big. The reversability in older systems is pretty much easier.
In a financial transaction there are two parties, and both must agree to a reversal. Especially if you want to reverse thousands of transactions. Unless there are special circumstances. But in no way will it always be possible to manually reverse a transaction.