Bybit Considers Blockchain Rollback After $140M Hack; Ethereum Community Resists

Following the $140 million hack on February 21, 2024, Bybit CEO Ben Zhou is exploring options to recover the stolen funds, including a bounty program offering up to 10% ($14 million) for assistance. Zhou also mentioned contacting the Ethereum Foundation to discuss potential solutions, including a possible blockchain rollback, similar to the 2016 DAO hack. However, the Ethereum community strongly opposes a rollback, citing its violation of decentralization principles. Key figures like Ethereum co-founder Vitalik Buterin have been urged to consider the situation, but the community believes such a move would undermine Ethereum's core values. The Lazarus Group, suspected to be behind the hack, currently holds approximately 489,395 ETH, valued at roughly $1.3 billion, and 15,000 Mantle Restaked ETH (cmETH) in 54 wallets. Tether CEO Paolo Ardoino announced the stablecoin issuer froze 181,000 USDt. The debate highlights the tension between security and the fundamental principles of blockchain technology.