The hack of the Bybit cryptocurrency exchange, amounting to about $1.5 billion primarily in Ethereum (ETH), has sparked significant discussions in the industry. The issues of cybersecurity and potential solutions, including a blockchain rollback of Ethereum, became hot topics.
Arthur Hayes and Samson Mow Advocate for Rollback
Following the hack, Arthur Hayes, former BitMEX CEO, and Samson Mow, CEO of JAN3, endorsed the idea of rolling back Ethereum. Hayes, who considers himself a major ETH holder, noted that Ethereum underwent a rollback in 2016 after the $60 million DAO hack, leading to the creation of Ethereum Classic (ETC). He believed that it is possible to reverse the Bybit hack effects and recover the lost funds.
Rollback as a Countermeasure to North Korean Threat
Chinese Canadian entrepreneur Samson Mow backed this stance but from a geopolitical perspective. He claimed 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. The Lazarus Group, widely believed to be state-sponsored by North Korea, is allegedly involved in this attack.
Divided Opinions in the Crypto Community
The notion of a rollback has split the crypto community. Some believe it could restore confidence in Ethereum’s security, while critics argue that such action undermines blockchain immutability, a core principle of decentralized finance. Ethereum developers have not yet issued an official response, but the discussion is likely to gain momentum with the upcoming Pectra upgrade in 2025.
While the community remains divided, the debate on Ethereum rollback as a strategy to recover from the Bybit hack continues. The industry's decision will unfold as events develop and developers respond.
