Arthur Hayes Suggests Reverting Ethereum to Address Bybit Hack

Arthur Hayes, a prominent figures in the cryptocurrency space, proposed reverting the Ethereum network to assist Bybit following a significant hack that led to the loss of nearly $1.4 billion in ether. Hayes, known as a major holder of ether, reached out to Ethereum co-founder Vitalik Buterin via X, urging him to advocate for the rollback of the chain.

“@VitalikButerin will you advocate to roll back the chain to help @Bybit_Official. My own view as a mega $ETH bag holder is $ETH stopped being money in 2016 after the DAO hack hardfork. If the community wanted to do it again, I would support it because we already voted no on immutability in 2016, why not do it again?”
“@VitalikButerin, are you willing to support a rollback to assist @Bybit_Official?”

However, the suggestion has raised concerns within the community regarding its potential impact on the Ethereum ecosystem. Bybit’s CEO, Ben Zhou, stated that the exchange remained solvent despite the hacking incident and elaborated on how the hacker acquired control of a specific cold wallet to transfer all the ether to an unidentified address.

The discussion around blockchain rollbacks echoes past events, such as the 2016 DAO hack that led to a hard fork in Ethereum. Current opinions suggest the complexity of the Ethereum network has made a clean rollback far more challenging than before, with significant implications for interconnected systems.