Galaxy Digital's CEO Mike Novogratz shared his views on the recent Bybit exchange attack, which resulted in approximately $1.4 billion in Ethereum being stolen. He linked the incident to the North Korea-linked Lazarus hacker group and emphasized the need for global collaboration to enhance security in the industry.
Bybit’s Response and Ethereum Rollback Debates
Bybit quickly responded to the attack by taking steps to compensate users for their losses. However, there was a debate within the industry over the proposal to roll back past transactions on the Ethereum network, which could help recover the stolen assets. Such a measure was previously taken following the DAO attack, but Novogratz believes that given the maturity of the Ethereum ecosystem today, such a decision would not be appropriate.
Lazarus Group and Security Concerns
The Lazarus group has been targeting the crypto market for years, stealing significant amounts of Bitcoin and Ethereum. Following the Bybit attack, the need for stronger security measures against such threats has come to the forefront once again. Novogratz noted that Lazarus poses a broader risk to the entire crypto ecosystem, not just Bybit.
The Role of International Cooperation in Preventing Attacks
According to Novogratz, global cooperation is essential to prevent such attacks. Increasing sanctions against North Korea may help restrict the financial resources available to hacker groups. The Ethereum network and the crypto community are taking various steps to freeze the affected funds and monitor Lazarus's activities, but cybersecurity techniques are continuously evolving, necessitating updated defense methods.
Mike Novogratz's remarks highlighted the importance of international collaboration and enhanced security measures in response to growing threats from hacker groups like Lazarus.
