Galaxy Digital's head, Mike Novogratz, recently spoke out about the major breach at the Bybit exchange, which led to the theft of about $1.4 billion in Ethereum. He highlighted potential ties to the Lazarus hacking group associated with North Korea, emphasizing the urgent need for global cooperation in cybersecurity efforts.
How is Bybit Responding to the Incident?
Following the attack, Bybit took swift measures to address user losses, including plans for compensation. However, industry conversations have emerged around the controversial idea of rolling back past Ethereum transactions to retrieve lost assets, sparking considerable debate among stakeholders.
Should the Ethereum Network Be Altered?
The suggestion to retroactively modify the Ethereum network has faced backlash. While Novogratz supported similar action after the DAO incident, he argues that the current maturity of the Ethereum ecosystem does not justify such drastic measures. Instead, he advocates for increased governmental pressure on North Korea to curb the threat.
Global Efforts to Bolster Security
Novogratz emphasized the broader implications of the Lazarus group's activities, which pose risks beyond just Bybit. He advocates for coordinated global efforts to strengthen security measures against such hacking attempts. As the cryptocurrency landscape evolves, so must the strategies to defend it from cyber threats.
Mike Novogratz emphasizes the importance of global interaction to combat cyberattacks on cryptocurrency platforms such as the attack on Bybit. He calls for strengthened cooperation and the development of strategies to protect digital assets.
