In what is considered now the largest hack within the cryptocurrency industry, Bybit\u2019s hot wallet was compromised when trying to complete a legitimate transfer, and roughly $1.5 billion, mostly in ETH, was stolen by being sent to another address.<\/p>\n
Aside from the immediate impact<\/a> on crypto prices, such a notable incident garnered the attention of the community, and now some prominent figures are calling for a rollback of Ethereum\u2019s chain.<\/p>\n Arthur Hayes, the former BitMEX CEO who described himself as a \u201cmega ETH bag holder,\u201d suggested the rollback shortly after the attack<\/a>. He believes ETH stopped being money in 2016 when the Ethereum blockchain went through a hard fork (creating Ethereum Classic) after a $60 million hack against The DAO.<\/p>\n Since it has already been done once, Hayes noted<\/a> that it could happen again. Chinese-Canadian entrepreneur and CEO of JAN3, Samson Mow, supported Hayes\u2019 stance, indicating that such a rollback will not only return the stolen ETH to Bybit but also help prevent \u201cthe North Korean government from using those funds to finance their nuclear weapons program.\u201d<\/p>\n He went further, indicating that a potential rollback could readjust EIP-1559 to correct the deflationary burn mechanism, which has failed to an extent.<\/p>\n While we roll back, this is also an opportunity to adjust EIP-1559 to correct the deflationary burn mechanism. Perhaps with the addition of an oracalized zkflux capacitation layer to optimize the burn.<\/p>\n We can talk more in person at @EthereumDenver<\/a>. pic.twitter.com\/gCc0zhBAa3<\/a><\/p>\n \u2014 Samson Mow (@Excellion) February 22, 2025<\/a><\/p>\n\n Rolling back Ethereum (or another blockchain) might sound simple, but it\u2019s a highly complex technical move that could jeopardize numerous internal processes. To understand the risks, you should know that the rollback process allows the blockchain to revert back to a previous point in time. This means that it will not only return the stolen ETH to Bybit, but it will erase all other non-hack-related transactions and movements on the Ethereum network.<\/p>\n It has been done only a handful of times (like the aforementioned DAO hack) and is even rarely considered because it is highly controversial as it undermines the immutability of the underlying blockchain.<\/p>\n Many other community members highlighted the risks of such a potential move now, indicating that the Ethereum blockchain is a lot more complex now than it was nine years ago. YugaLabs\u2019 VP, going by the X handle Quit, summarized the risks under Hayes\u2019 post.<\/p>\n Let\u2019s pretend for a moment that we were philosophically ok with another rollback:<\/p>\n \u2013 how many people that bridged or swapped assets would have their actions undone, for better or for worse? \u2014 Quit (@0xQuit) February 22, 2025<\/a><\/p>\n\n As of press time, there has been no official statement by Vitalik Buterin or anyone else from the highest levels of the Ethereum food chain on the matter.<\/p>\n The post Bybit Hack Fallout: Arthur Hayes, Samson Mow Push for Ethereum Rollback<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" In what is considered now the largest hack within the cryptocurrency industry, Bybit\u2019s hot wallet was compromised when trying to complete a legitimate transfer, and roughly $1.5 billion, mostly in ETH, was stolen by being sent to another address. Aside from the immediate impact on crypto prices, such a notable incident garnered the attention of […]<\/p>\n","protected":false},"author":0,"featured_media":46881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-46880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/46880"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46880"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/46880\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/46881"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Hayes, Mow Say Yes<\/h2>\n
The Risks<\/h2>\n
\n\u2013 how many stablecoins or tokenized RWAs would suddenly be unbacked?
\n\u2013 how many L2s would\u2026<\/p>\n