{"id":14486,"date":"2025-02-22T12:47:45","date_gmt":"2025-02-22T12:47:45","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=14486"},"modified":"2025-02-22T12:47:45","modified_gmt":"2025-02-22T12:47:45","slug":"bybit-hack-fallout-arthur-hayes-samson-mow-push-for-ethereum-rollback","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=14486","title":{"rendered":"Bybit Hack Fallout: Arthur Hayes, Samson Mow Push for Ethereum Rollback"},"content":{"rendered":"<div>\n<p>In what is considered now the largest hack within the cryptocurrency industry, Bybit\u2019s hot wallet was compromised when trying to complete a legitimate transfer, and roughly $1.5 billion, mostly in ETH, was stolen by being sent to another address.<\/p>\n<p>Aside from the <a href=\"https:\/\/cryptopotato.com\/bitcoin-price-crashes-on-reports-of-alleged-1-5b-bybit-security-incident\/\" data-wpel-link=\"internal\">immediate impact<\/a> on crypto prices, such a notable incident garnered the attention of the community, and now some prominent figures are calling for a rollback of Ethereum\u2019s chain.<\/p>\n<h2>Hayes, Mow Say Yes<\/h2>\n<p>Arthur Hayes, the former BitMEX CEO who described himself as a \u201cmega ETH bag holder,\u201d suggested the rollback shortly after the <a href=\"https:\/\/cryptopotato.com\/bybit-lost-70-of-ethereum-holdings-to-hacker-says-ceo\/\" data-wpel-link=\"internal\">attack<\/a>. He believes ETH stopped being money in 2016 when the Ethereum blockchain went through a hard fork (creating Ethereum Classic) after a $60 million hack against The DAO.<\/p>\n<p>Since it has already been done once, Hayes <a href=\"https:\/\/x.com\/CryptoHayes\/status\/1893070933482737805\" data-wpel-link=\"external\" target=\"_blank\">noted<\/a> that it could happen again. Chinese-Canadian entrepreneur and CEO of JAN3, Samson Mow, supported Hayes\u2019 stance, indicating that such a rollback will not only return the stolen ETH to Bybit but also help prevent \u201cthe North Korean government from using those funds to finance their nuclear weapons program.\u201d<\/p>\n<p>He went further, indicating that a potential rollback could readjust EIP-1559 to correct the deflationary burn mechanism, which has failed to an extent.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">While we roll back, this is also an opportunity to adjust EIP-1559 to correct the deflationary burn mechanism. Perhaps with the addition of an oracalized zkflux capacitation layer to optimize the burn.<\/p>\n<p>We can talk more in person at <a href=\"https:\/\/twitter.com\/EthereumDenver?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">@EthereumDenver<\/a>. <a href=\"https:\/\/t.co\/gCc0zhBAa3\" data-wpel-link=\"external\" target=\"_blank\">pic.twitter.com\/gCc0zhBAa3<\/a><\/p>\n<p>\u2014 Samson Mow (@Excellion) <a href=\"https:\/\/twitter.com\/Excellion\/status\/1893134018930962653?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">February 22, 2025<\/a><\/p>\n<\/blockquote>\n<p><script src=\"https:\/\/platform.twitter.com\/widgets.js\" async=\"\" charset=\"utf-8\"><\/script><\/p>\n<h2>The Risks<\/h2>\n<p>Rolling back Ethereum (or another blockchain) might sound simple, but it\u2019s a highly complex technical move that could jeopardize numerous internal processes. To understand the risks, you should know that the rollback process allows the blockchain to revert back to a previous point in time. This means that it will not only return the stolen ETH to Bybit, but it will erase all other non-hack-related transactions and movements on the Ethereum network.<\/p>\n<p>It has been done only a handful of times (like the aforementioned DAO hack) and is even rarely considered because it is highly controversial as it undermines the immutability of the underlying blockchain.<\/p>\n<p>Many other community members highlighted the risks of such a potential move now, indicating that the Ethereum blockchain is a lot more complex now than it was nine years ago. YugaLabs\u2019 VP, going by the X handle Quit, summarized the risks under Hayes\u2019 post.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Let\u2019s pretend for a moment that we were philosophically ok with another rollback:<\/p>\n<p>\u2013 how many people that bridged or swapped assets would have their actions undone, for better or for worse?<br \/>\n\u2013 how many stablecoins or tokenized RWAs would suddenly be unbacked?<br \/>\n\u2013 how many L2s would\u2026<\/p>\n<p>\u2014 Quit (@0xQuit) <a href=\"https:\/\/twitter.com\/0xQuit\/status\/1893102989394456852?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">February 22, 2025<\/a><\/p>\n<\/blockquote>\n<p><script src=\"https:\/\/platform.twitter.com\/widgets.js\" async=\"\" charset=\"utf-8\"><\/script><\/p>\n<p>As of press time, there has been no official statement by Vitalik Buterin or anyone else from the highest levels of the Ethereum food chain on the matter.<\/p>\n<p>The post <a href=\"https:\/\/cryptopotato.com\/bybit-hack-fallout-arthur-hayes-samson-mow-push-for-ethereum-rollback\/\" rel=\"nofollow\">Bybit Hack Fallout: Arthur Hayes, Samson Mow Push for Ethereum Rollback<\/a> appeared first on <a href=\"https:\/\/cryptopotato.com\/\" rel=\"nofollow\">CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In what is considered now the largest hack within the cryptocurrency industry, Bybit\u2019s hot wallet was compromised when trying to complete a legitimate transfer, and roughly $1.5 billion, mostly in ETH, was stolen by being sent to another address. Aside from the immediate impact on crypto prices, such a notable incident garnered the attention of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-14486","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/14486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14486"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/14486\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}