Bitcoin Enthusiast Proposes Ethereum Chain Rollback Post $1.4B Bybit Cyber Heist

In the wake of the $1.4 billion Bybit cyber heist, a prominent Bitcoin enthusiast has proposed a controversial solution: a rollback of the Ethereum blockchain. The proposal, made by Samson Mow, CEO of Jan3, has sparked debate within the crypto community, with some supporting the idea while others express concerns about the potential consequences.

Mow, a staunch Bitcoin supporter, suggested the rollback in a post on X, arguing that it would return the stolen funds to Bybit and prevent the North Korean government from using the assets to finance its nuclear weapons program. He proposed that the new roll-backed chain should retain the ETH ticker, while the existing one could be rebranded as "ETHNK."

However, the proposal has faced criticism from Ethereum developers and community members. Tim Beiko, an Ethereum core developer, cautioned against a rollback, citing technical challenges and potential consequences. He argued that the interconnected nature of the Ethereum ecosystem would make a rollback near-intractable, leading to near-intractable ripple effects and the disruption of countless legitimate transactions.

Moreover, Yuga Labs Blockchain VP, 0xQuit, warned that the economic dislocation caused by a rollback would be much larger than the $1.5 billion taken in the Bybit hack. He stated that thousands of innocent people would lose money, while thousands more would receive money they shouldn't, highlighting the potential for widespread disruption and injustice.



The debate around the Ethereum rollback is not without its complexities. While some industry leaders, like Mow, advocate for a rollback to prevent misuse of the stolen funds, others, including Bybit's CEO Ben Zhou, suggest a more democratic approach, such as a community vote on the matter.

As the crypto landscape continues to evolve, the push against a rollback may reflect a pivotal moment for the future of Ethereum and its commitment to resilience and security. The technical complexities and socio-economic repercussions of such a decision necessitate careful deliberation and wider community engagement.

In conclusion, the proposal to rollback the Ethereum blockchain in response to the Bybit hack has sparked a heated debate within the crypto community. While some support the idea, others caution against the potential consequences, highlighting the need for careful consideration and community engagement in addressing the fallout from this massive cyber heist.