Samson Mow, a staunch Bitcoin supporter, has suggested a rollback of the Ethereum ETH/USD blockchain. This comes in the wake of a massive $1.4 billion theft from the cryptocurrency exchange Bybit, reportedly orchestrated by North Korean hackers.
What Happened: In a post on X, Mow proposed that Ethereum, the dominant smart contract platform in terms of volume, should execute a hard fork. The aim is to return the purloined funds to Bybit and hinder the North Korean government from exploiting the stolen assets.
Mow expressed his support for the rollback of Ethereum’s chain, stating, “I fully support rolling back Ethereum’s chain (again) so the stolen ETH is returned to Bybit and also to prevent the North Korean government from using those funds to finance their nuclear weapons program.”
Blockchain rollbacks, a process that reverses confirmed transactions to restore the chain to a previous state, are typically initiated after a significant security violation. In the case of Ethereum, a rollback would result in a hard fork, akin to the one that occurred in 2016 during the Ethereum DAO hack.
Also Read: North Korea’s Lazarus Group Suspected in $1.4 Billion Bybit Crypto Hack
In a lighter vein, Mow suggested that the new roll-backed chain should retain the ticker ETH, while the existing one could be rebranded as “ETHNK.” He also cautioned investors to abstain from trading ETH until the issue is fully resolved.
As of now, Ethereum is being traded at $2,770, reflecting a 4% surge over the last day.
Why It Matters: The proposed rollback and hard fork of Ethereum’s blockchain is a significant development in the crypto world. It underscores the security vulnerabilities that persist in the digital asset ecosystem and the potential measures to mitigate the impact of such breaches.
The situation also highlights the geopolitical implications of cryptocurrency theft, with the alleged involvement of North Korean hackers.
The outcome of this situation could set a precedent for how the crypto industry responds to such security breaches in the future.
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