Whales have accumulated 140,000 ETH amidst concerns over security breaches in the cryptocurrency market, particularly after Bybit’s $1.4 billion hack linked to the Lazarus Group. This incident has caused a surge in withdrawals as investors rushed to exit the platform. Bybit’s CEO, Ben Zhou, has announced efforts to recover the stolen assets, including launching a bounty program, collaborating with law enforcement, and exploring potential solutions with the Ethereum Foundation. The controversial possibility of rolling back the Ethereum blockchain to reverse the effects of the hack has also been raised, sparking a debate within the crypto community.
Arthur Hayes, co-founder of BitMEX and a significant ETH holder, has suggested considering a network rollback to assist Bybit in recovering from the hack. This proposal has ignited discussions about the integrity and immutability of the Ethereum network, as it would involve reverting the blockchain to its state before the attack. The idea of a rollback is not new, as a similar incident occurred in 2016 following the DAO hack, where the Ethereum community initiated a hard fork resulting in two separate blockchains.
The Lazarus Group, a group linked to North Korea, currently controls around 489,395 ETH and 15,000 Mantle Restaked ETH valued at approximately $1.3 billion. They have been actively moving these stolen assets between wallets to conceal their origins and facilitate on-chain laundering. In response, Bybit has launched a 10% bounty program, offering up to $140 million, to incentivize white-hat hackers to help recover the stolen funds. CEO Ben Zhou has expressed gratitude to industry leaders and firms supporting the platform during this crisis.
Overall, the accumulating 140,000 ETH by whales, the Bybit hack, and the potential consideration of a network rollback have brought significant attention to the security and stability of the Ethereum network. The involvement of high-profile figures like Arthur Hayes and the actions taken by Bybit to recover stolen funds indicate a heightened focus on addressing cybersecurity threats in the crypto space. The ongoing debate surrounding the rollback proposal reflects the complexities and ethical considerations involved in responding to major security breaches in the cryptocurrency market.
