Amidst the fallout from the recent Lazarus Group hack, a heated discussion has emerged regarding the potential rollback of the Ethereum blockchain to reverse the effects of the theft. Bybit’s CEO, Ben Zhou, addressed this contentious issue in a recent discussion, emphasizing the need for community involvement in the decision-making process.
In a live session held on February 22, Zhou elaborated on the exchange’s efforts to reclaim the stolen assets, which total approximately $1.3 billion. He underscored that Bybit would explore all available avenues, including implementing a bounty program and collaborating with law enforcement authorities as well as the Ethereum Foundation to find solutions. This incident marks one of the largest hacks in the history of cryptocurrency, raising substantial concerns about security and governance within the blockchain space.
The hack executed by the Lazarus Group, which is believed to have ties to North Korea, resulted in the theft of around 489,395 ETH. The group has been actively transferring stolen funds across various wallets to obscure their origins while attempting to launder the assets. In response, Zhou noted the importance of protecting the interests of the broader crypto community and suggested that any decision regarding a rollback should reflect the collective will of stakeholders.
- Major themes emerged during the discussion, including:
- Bounty Program: Bybit announced a 10% bounty initiative, worth up to $140 million, for white hat hackers who aid in recovering stolen cryptocurrency.
- Industry Support: Zhou expressed gratitude towards fellow industry leaders who have stepped in to assist Bybit after this unprecedented breach.
- Previous Precedent: The discussion surrounding a possible rollback echoes past events, notably the 2016 DAO hack, which led to the Ethereum hard fork and the creation of Ethereum Classic (ETC).
As debates unfold, Zhou reiterated that he is against making unilateral decisions, suggesting that the Ethereum community should engage in a voting process to determine the preferred course of action. He stated, “Based on the spirit of blockchain, maybe it should be a voting process to see what the communities want.” This highlights the broader challenges facing decentralized governance in light of crises, emphasizing the need for collaborative decision-making.
The aftermath of this incident is still developing, and many within the crypto community are closely monitoring the Bybit responses. As significant exchanges and projects mobilize their resources to combat the effects of the hack, the discussion on Ethereum’s governance and operational protocols continues to gain traction.
