Bybit CEO Vows to Recover Stolen Funds, Explores Ethereum Rollback

Bybit CEO Ben Zhou has vowed to recover funds stolen during a recent hack linked to the Lazarus Group, outlining a strategy that includes a bounty program, cooperation with law enforcement, and consultations with the Ethereum Foundation to explore potential solutions. Zhou discussed the possibility of rolling back the Ethereum blockchain to reverse the effects of the Feb. 21 hack, emphasizing the importance of community input in any potential rollback decision.

The Ethereum network faced a similar situation in 2016 following the DAO hack, which led to a hard fork and the eventual creation of Ethereum Classic. However, Ethereum core developer Tim Beiko has cautioned against calls from the crypto community to roll back the Ethereum network to its pre-Feb. 21 state. Beiko explained that the situation differs from the 2016 DAO exploit, as the transaction followed protocol rules and appeared standard, leaving no straightforward solution to reverse it without broader network implications.

According to blockchain analytics firm Lookonchain, the Lazarus Group, believed to be affiliated with North Korea, currently holds approximately 489,395 ETH—valued at around $1.3 billion—spread across 54 wallets. The group has reportedly been moving the stolen funds between wallets to obscure their origins and launder the assets on-chain. In response to the attack, Bybit has launched a 10% bounty program, offering up to $140 million to white-hat hackers who assist in recovering the stolen funds.

Tether CEO Paolo Ardoino announced the freeze of 181,000 USDT associated with the hack, while Bitget CEO Gracy Chen confirmed that the exchange would block transactions linked to wallets tied to the Lazarus Group. Security experts and community members shared practical advice to safeguard users’ assets in light of the hack, encouraging users to employ multisignature wallets, hardware wallets, and transaction simulations for enhanced safety.