Arthur Hayes Suggests Ethereum Rollback to Address $1.4B Bybit Hack
Arthur Hayes, co-founder of BitMEX, proposed a rollback of the Ethereum network to assist Bybit following a hack that resulted in a loss of nearly $1.4 billion in ETH. He expressed support for this action on X, referencing the 2016 DAO hack hard fork as a precedent.
- The Bybit hack was reported by analyst ZachXBT, with suspicious outflows over $1.4 billion identified.
- The attacker converted stolen mETH and stETH into ETH through a decentralized exchange.
- Bybit's CEO confirmed the hacker accessed a specific cold wallet but stated the exchange remains solvent.
- A rollback would erase malicious transactions, restoring lost funds, but requires consensus from the network.
- Concerns exist about the implications of a rollback, given Ethereum's interconnected ecosystem today compared to 2016.
- Ether's price fell nearly 3% within 24 hours, trading between $2,600 and $2,800.
As of publication, Vitalik Buterin had not responded to Hayes' suggestion.