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Ethereum Could Reverse the $1.4B Bybit Hack – But Here’s the Risk

Published by
Debashree Patra

Ethereum is back in the spotlight—but not for good reasons. Hackers broke into Bybit’s cold wallet and stole over $1 billion worth of Ethereum. More than 401,000 ETH, including staked tokens, were taken. After the news broke, Ethereum’s price dropped over 5% to $2,700 in the past 24 hours.

Crypto analyst Justin Bechler says Ethereum is facing an impossible dilemma, especially with reports linking the attack to North Korean hackers. The big question now is whether Ethereum should reverse the transactions or let them stand.

Vitalik Buterin Under Pressure

Social media platform X has turned into a battleground. Some users are mocking Ethereum’s co-founder, Vitalik Buterin , while others say he should step in. Well-known analyst Matthew R. Kratter believes Ethereum’s leadership should take responsibility. He argues that if they do nothing, Ethereum could be seen as indirectly supporting global terrorism by allowing hackers to keep the stolen ETH.

A Hard Fork Could Damage Ethereum’s Reputation

Bechler explains that Ethereum is stuck between two bad options. If it rolls back the transactions with a hard fork, it would prove that Ethereum is centralized—going against the core idea that blockchains should be immutable.

But if Ethereum does nothing, it risks being tied to terrorism financing, which could lead to harsh regulations.

Arthur Hayes Calls for a Rollback

BitMEX co-founder and major ETH holder Arthur Hayes is urging Buterin to take action. He pointed out that Ethereum reversed transactions before in 2016 after the DAO hack—so why not do it again? So far, Buterin has stayed silent.

However, reversing the hack could confirm accusations that Ethereum is not truly decentralized. One of the biggest selling points of crypto is that transactions can’t be changed. If Ethereum breaks this rule, its reputation could take a serious hit.

Bitcoin Supporters Mock Ethereum

Bitcoin advocates, including Samson Mow, are using this as an opportunity to poke fun at Ethereum. Many are posting identical tweets pretending to “discuss rolling back Ethereum.” Mow sarcastically suggests that if Ethereum does this, they should launch a new version of Ethereum called ETHNK (short for “North Korea Ethereum”) to hold the stolen funds.

Meanwhile, Binance and other major exchanges are stepping in to support Bybit by sending millions of dollars in ETH to help stabilize the platform.

Could This Lead to U.S. Sanctions?

If Ethereum does nothing, the stolen funds could be used to finance North Korea’s cyberattacks, putting Ethereum in the crosshairs of global regulators. The U.S. might even impose strict sanctions, making it harder for Ethereum to work with banks and businesses.

On the other hand, if Ethereum interferes, it could lose trust within the crypto community.

A decision must be made, but either path comes with a price.

FAQs

What will the price of Ethereum be in 2025?

As per our Ethereum price prediction 2025, the ETH price could reach a maximum of $5,925.

Is Ethereum a good investment?

As the altcoin season begins, the short-term gains make Ethereum a lucrative buying option. However, the long-term promises of this programmable blockchain make it a viable long-term crypto investment. 

How much would the price of Ethereum be in 2040?

As per our latest ETH price analysis, the Ethereum could reach a maximum price of $123,678.

How much will the ETH coin price be in 2050?

By 2050, a single Ethereum price could go as high as $255,282.

Debashree Patra

Fun-loving and cheerful, a passionate blockchain and crypto writer who knows no boundary…connect if you share the same passion. With 10+ years of writing experience, I am a Crypto Journalist by chance, exploring, and learning all the dynamics of the sci-fi action-filled crypto world. Currently, focusing on cryptocurrency news and price data. With a passion for research and challenging my capabilities, I am slowly getting into the crypto arena to bring new insights every day.

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