The recent $1.4 billion Bybit hack has sent shockwaves through the crypto world. Hackers managed to breach Bybit’s ETH cold wallet, swiftly moving the stolen funds to a single address before scattering them across multiple wallets. The sheer scale of the attack has left many wondering – can anything be done to recover the lost funds?
Arthur Hayes, the BitMEX co-founder, has proposed a bold and controversial idea: rolling back the Ethereum network to undo the damage. But is such a drastic move even possible? And what would it mean for Ethereum’s future?
Addressing Ethereum co-founder Vitalik Buterin
“I would support it because we already voted no on immutability in 2016—why not do it again?”
Hayes’ suggestion has sparked intense debate. Some believe a rollback could stop hackers from profiting, while others argue that Ethereum is now too complex for such a move.
Gautham Santhosh, co-founder of Polynomial.fi, warned that a rollback could break key parts of the Ethereum network, including stablecoins, Layer-2 solutions, and DeFi projects, making it unrealistic.
Meanwhile, investment firm Sina 21st Capital highlighted Ethereum’s dilemma: if it rolls back, it risks losing its reputation for decentralization. But if it doesn’t, hackers—possibly linked to North Korea—keep the stolen funds. Either way, Ethereum’s credibility is on the line.
The Bybit hack and the rollback debate have shaken the market. Ethereum’s price has fallen about 3.7% in the past 24 hours but remains within the $2,600 to $2,800 range.
Currently, ETH is facing resistance at $2,600, a key level that aligns with the 200-day moving average and the lower boundary of a descending wedge. If Ethereum fails to break above this level, it could drop further toward $2,500.
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