Bybit CEO Explores Blockchain Rollback Amidst $1.3B Hack
1min read Bybit CEO Ben Zhou has expressed the exchange's commitment to recovering stolen funds following a recent hack, with the possibility of exploring a blockchain rollback as a potential solution. In a Feb. 22 X Spaces session, Zhou discussed the exchange's efforts, which include a bounty program, collaboration with law enforcement, and discussions with the Ethereum Foundation.
When asked about the possibility of rolling back the Ethereum blockchain to a state before the Feb. 21 Lazarus Group hack, Zhou stated, "I'm not sure if it's one man's decision. Based on the spirit of blockchain, maybe it should be a voting process to see what the communities want, but I am not sure."
The Ethereum blockchain has previously undergone a rollback following the 2016 DAO hack, which resulted in a hard fork and the creation of Ethereum Classic (ETC). This action was taken to invalidate the illicit transactions and restore the network to a secure state.
Onchain analytics firm Lookonchain reported that the Lazarus Group currently holds approximately 489,395 ETH, valued at roughly $1.3 billion, and 15,000 Mantle Restaked ETH (cmETH) in 54 total wallets. The hacking group has been shifting the stolen funds between wallets to obfuscate the source of the money and launder the funds onchain.
Bybit has announced a 10% bounty program, up to $140 million, for white hat hackers aiding in the recovery of the stolen crypto. The exchange has also expressed gratitude to industry firms and executives for their support in the aftermath of the largest crypto hack in history.
Tether CEO Paolo Ardoino announced the stablecoin issuer froze 181,000 USDt (USDT) following the hack, and Bitget CEO Gracy Chen said that the exchange would block any transactions coming from wallets associated with the Lazarus Group.
