- Arthur Heyes suggests rolling back the Ethereum network to reverse the Bybit hack.
- Community opposes the idea as it could impact the entire Ethereum ecosystem and its interlinked systems.
The Bybit hack worth $1.4 billion sent waves across the crypto industry. Hackers are coming up with the most advanced types of scams no matter how secure crypto exchanges are. To reverse the damage, Arthur Heyes suggested rolling back the Ethereum network to Vitalik Buterin on X.
.@VitalikButerin will you advocate to roll back the chain to help @Bybit_Official ?
— Arthur Hayes (@CryptoHayes) February 21, 2025
Heyes even reminded the community of the 2016 DAO hack hardfork where Ethereum split into two chains – Ethereum Classic and Ethereum. He further stated,
“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?”
Rolling back the Ethereum network involves bringing back the chain to its state before the hack happened. This also includes reversing all the activities and transitions that took place during or after the hack. While this is one way to reverse the damage, it could impact the entire ecosystem and disturbed its interlinked applications and networks.
When the Ethereum DAO hack happened in 2016, the Ethereum community agreed to roll back the network and reversed $60 million theft of ETH. As a result, the Ethereum chain hardforked into two chains – Ethereum Classic and Ethereum.
Bybit Hack is Too Complicated to Roll Back
Arthur Heyes’ suggestion on rolling back Ethereum received mixed reactions from the community with most of them opposing the idea.
One of the replies from the CEO of Satoshi Money highlighted that the DAO hack involves 4.5% of total supply back then but the Bybit hack includes only 0.4% of the total ETH market cap. He even asked why someone would roll back the entire chain for 0.4% of the market cap.
Another reply explained what would happen if we consider the rollback philosophically. It would disturb bridged or swapped assets, stablecoins and tokenized RWAs will be unbacked, and L2s will be left in an unfixable state.
The Ethereum ecosystem became much more intertwined and complex compared to the times of the DAO hack. So, it may not be possible to consider the idea of rolling back Ethereum. Vitalik Buterin is yet to reply to Arthur Heyes’ suggestion.
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