That accomplishes the same thing, but that doesn't make it equivalent in the important senses. That requires everyone to change their core interface with the currency. It's not a trivial thing!
The analog in national currencies would be if everyone had to immediately stop using the old notes and replace them with new ones that a new anti-counterfeit feature. Or migration to the Euro.
When banks are hacked or whatever, they have some kind of insurance that just replaces the money. They don't have to get the rest of the system to update anything.
There are bound to be many more incidents such as this in various cryptocurrencies. There are now thousands of them. But it would be ignorant to dismiss the technology for a lack of understanding it.