Bitcoin enthusiasts propose Ethereum chain rollback post $1.4B bybit network robbery

Samson Mowa staunch Bitcoin supporter, suggests rollback Ethereum ETH/USD Blockchain. This is due to the cryptocurrency exchange BYBIT, carefully planned by North Korean hackers, reportedly stole a massive $1.4 billion theft.

what happened: In an article on X, MOW proposes that in terms of quantity, Ethereum should perform hard forks. The aim is to return Violet funds to Bybit and to hinder the North Korean government from using stolen assets.

MOW expressed support for rollback of Ethereum chains, noting: “I fully support rolling back Ethereum chains (again), so the stolen ETH is returned to Bybit and preventing the North Korean government from using these funds to fund their nuclear weapons programs. ”

Blockchain rollback is initiated after a serious security violation, and the process reverses confirmed transactions to restore the chain to its previous state. In the case of Ethereum, rollback will result in a hard fork, similar to the fork that occurred during Ethereum Dao Hack in 2016.

Also Read: North Korea’s Lazarus Group allegedly in the $1.4 billion Bybit Crypto Hack

Mow is lighter, and it is recommended that the new back chain should retain stock ETH, while the existing chain can be renamed “Ethnk”. He also warned investors to give up trading ETH until the problem is fully resolved.

As of now, Ethereum is trading at $2,770, reflecting a 4% increase on the last day.

Why it matters: The proposed rollback and hard fork of the Ethereum blockchain are a major development in the cryptocurrency world. It highlights persistent security breaches in the digital asset ecosystem and potential measures to mitigate the impact of such violations.

The situation also underscores the geopolitical implications of cryptocurrency theft, which allegedly involves North Korean hackers.

The outcome of this situation could set a precedent for how the crypto industry responds to such security violations.

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