How about rolling back Ethereum to save Bybit?

Bybit was attacked by North Korean hacker Lazarus and lost about 500,000 ETH (worth $1.46 billion) to aroused widespread attention, and the community hotly discussed whether the Ethereum blockchain should be rolled back to freeze the stolen funds.

Rolling back proposal and opposition voice

BitMex co-founder Arthur Hayes publicly supports rollback Ethereum, believing that this is not unprecedented. He compared this to the 2016 The DAO incident and believed that it would be feasible to roll back again if the community wanted.

However, Tim Beiko, the core developer of Ethereum, strongly opposed this and gave four reasons: First, Bybit hacking is not a protocol loophole, but a multi-signature management interface being hacked; second, the stolen funds have been quickly transferred and confused; again, rollback will cause a huge chain reaction to areas such as exchanges, DeFi and RWA that are deeply integrated with Ethereum; finally, historical rollback attempts have been strongly opposed by the community.

Yuga Labs Vice President of Blockchain 0xQuit also pointed out that the potential losses of rollbacks will be far more than $1.5 billion, which may cause losses to thousands of users and even cause collapses in institutions such as Circle and Tether. He stressed that Ethereum today is incomparable to the era of The DAO, and its complexity determines the infeasibility of rollback.

Bybit CEO Ben Zhou believes that whether to roll back should be decided by community votes.

The DAO Event: A Learning from the Past

The DAO incident in 2016 was caused by a smart contract vulnerability that caused approximately 3.6 million ETH to be stolen. At that time, the Ethereum community chose to hard fork and recovered the stolen funds, but it also split into two chains, Ethereum (ETH) and Ethereum Classic (ETC), becoming an important turning point in blockchain history.

The feasibility of rollback at the technical level of this Bybit incident is different from the DAO incident. More importantly, the complexity of the Ethereum ecosystem and the community's emphasis on immutability are no longer the same as before, and the risks and costs of rollback are far beyond imagination.

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