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The Coin Rise 2025-02-22 20:01:16

Bybit Hack Sparks Debate Over Ethereum Rollback

Bybit Hack Sparks Debate Over Ethereum Rollback

The Bybit hack, described by the company’s CEO as the worst crypto hack ever, resulted in the theft of about $1.5 billion, mainly in Ethereum (ETH), after the exchange’s hot wallet was compromised. This has caused many mixed emotions in the industry. For instance, it has created discussions on possible solutions, including a potential rollback of Ethereum’s blockchain. Arthur Hayes and Samson Mow Push for Ethereum Rollback Following the events, Arthur Hayes, former BitMEX CEO, and Samson Mow, CEO of JAN3, have endorsed an Ethereum rollback. Hayes, who considers himself a “mega ETH bag holder,” posited that Ethereum already underwent a rollback in 2016 following the $60 million DAO hack, which led to the creation of Ethereum Classic (ETC). Given this situation, he thinks that it is possible to undo the Bybit hack and recover the lost funds with a rollback. Rollback to Counter North Korean Threat? Furthermore, Chinese Canadian entrepreneur Samson Mow has also supported this stance. However, he takes it further, talking from a geopolitical angle. The CEO claims that preventing the hacker from accessing the stolen ETH would also stop the North Korean government from using the funds to finance its nuclear weapons program. This is because the Lazarus Group, widely believed to be North Korea state-sponsored, has been linked to this attack. He said this to strengthen the concerns and conversations about national security risks tied to crypto heists. In retrospect, an Investigation from the South Korean National Office also confirmed that the same group was behind the Upbit cryptocurrency exchange hack. Beyond fund recovery, Mow added that a rollback could provide an opportunity to adjust the Ethereum Improvement Proposal (EIP-1559). This proposal is set to introduce a deflationary burn mechanism for ETH. He argues that this system has not worked as expected, and a rollback could allow developers to reconfigure it for better efficiency. Divided Opinions in the Crypto Community Since this stance was shared on social media, the idea of a rollback has split the crypto community. While community members and users believe it could restore faith in Ethereum’s security, critics argue that such action undermines blockchain immutability, one of the important principles of decentralized finance. Meanwhile, as of this writing, Ethereum’s developers have not yet issued an official response, but given the scale of the hack and the figures involved, the debate is unlikely to end soon. Following this Bybit hack , several ways have been set in motion to prevent the hack from spreading further and recover the funds lost. In addition, this hack will occur in a few months, when Ethereum developers are preparing to launch the network’s Pectra upgrade in April 2025. The post Bybit Hack Sparks Debate Over Ethereum Rollback appeared first on TheCoinrise.com .

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