Ethereum Under Fire: Crypto Veteran Calls for Chain Rollback After $1.4B Hack

Crypto veteran Samson Mow has criticized Ethereum, calling for a chain rollback after hackers stole approximately $1.4 billion in ETH and stETH from crypto exchange Bybit. Mow, a Bitcoin maximalist, believes that Ethereum should undergo a hard fork to return the stolen funds to Bybit and prevent the North Korean government from using the looted ETH to finance its nuclear weapons program.

Blockchain rollbacks involve reversing transactions that have already been confirmed to restore the chain to a specified earlier state. In the case of ETH, a rollback would lead to a hard fork similar to the one that occurred in 2016 during the Ethereum DAO hack, when thieves stole 3.6 million Ether. Mow jokingly suggested that the new roll-backed chain should keep the ticker ETH, while the current one could be renamed to "ETHNK." He also advised investors to refrain from trading ETH until the situation is resolved.

At the time of writing, Ethereum is trading for $2,770, representing a 4% increase during the last day. The crypto community awaits further developments and potential solutions to address the security breach and stolen funds.