In light of the recent $1.5 billion hack at Bybit, discussions surrounding the potential rollback of the Ethereum blockchain have intensified. Ben Zhou, the CEO of Bybit, has opened up about the possibility of reverting the Ethereum network to a state prior to the February 21 attack by the Lazarus Group, which resulted in significant losses.
During a recent session on X Spaces, Zhou was questioned about his stance on a blockchain rollback to negate the effects of the hack. He expressed uncertainty, suggesting that such a decision should involve community consensus rather than being determined by a single individual. “I’m not sure if it’s one man’s decision,” Zhou stated. He emphasized that any rollback should reflect the community’s wishes, aligning with the fundamental principles of blockchain governance.
The debate over this potential rollback has sparked significant controversy within the cryptocurrency community. Advocates for the move, including BitMEX co-founder Arthur Hayes and JAN3 CEO Samson Mow, argue that a rollback could help recover stolen funds and prevent their misuse, particularly in relation to North Korea’s alleged involvement in cybercrime. Hayes pointed out that Ethereum had previously executed a similar rollback after the 2016 DAO hack, which resulted in a hard fork and the creation of Ethereum Classic.
However, critics warn that rolling back transactions could undermine Ethereum’s core principle of immutability. Tim Beiko, an Ethereum core developer, has labeled the proposal as “technically intractable,” highlighting that unlike the DAO incident, where there was a clear path for recovery, the Bybit hack involved immediate fund transfers that complicate any rollback efforts.
As discussions continue, the Ethereum community remains divided on whether to prioritize immediate recovery of stolen assets or uphold decentralization and trust in the network. The outcome of this debate could have lasting implications for Ethereum’s credibility and governance structure as it navigates this unprecedented challenge.
