By Guest 
In the aftermath of the Lazarus Group’s hack on cryptocurrency exchange Bybit, discussions have emerged on social media regarding the potential rollback of the Ethereum blockchain to a state prior to the attack. This move aims to invalidate the stolen assets, sparking a debate on the feasibility and implications of such a drastic measure.
According to Coin Telegraph, Ben Zhou, the CEO of Bybit, stated that the exchange is exploring all possible avenues to recover the stolen funds. This includes offering rewards to individuals who assist in the recovery process and collaborating with law enforcement agencies. Additionally, Bybit is in discussions with the Ethereum Foundation to explore potential solutions.
Bybit CEO Discusses the Possibility of Reverting Ethereum Blockchain to Pre-Hack State
On February 22nd, users queried Zhou on whether he would support reverting the Ethereum blockchain to its state before the Bybit hack by the Lazarus Group, as this action would invalidate the stolen assets. In response, Zhou said:
I’m not sure if this decision is up to one person alone. Given the decentralized nature of blockchain, perhaps this should be put to a vote to see what the community wants, but I’m really not certain.
Ethereum has previously undergone a “rollback” following the infamous DAO hack in 2016, where approximately $60 million worth of Ethereum was stolen from the DAO project. This incident led to a hard fork that split the Ethereum blockchain into two networks:
- Ethereum Classic (ETC), which includes the transactions from the time of the hack.
- Ethereum (ETH), the current main network operating on the Proof of Stake (PoS) algorithm.
The Lazarus Group, believed to have ties to North Korea, has been moving the stolen assets to obscure their origin and engage in money laundering. According to data from Lookonchain, the group currently holds approximately 489,395 ETH, valued at around $1.3 billion, and 15,000 cmETH across 54 wallets.
In a separate development on February 22nd, Bybit announced a 10% bounty program, with a maximum reward of $140 million, for white-hat hackers who assist in recovering the stolen cryptocurrencies. Ben Zhou also expressed gratitude to the companies that supported Bybit following the hack, which is considered the largest crypto heist in history.
In related news, Paolo Ardoino, the CEO of Tether, announced that the company has frozen 181,000 USDT linked to the hack. Additionally, Gracy Chen, the CEO of Bitget, stated that the exchange will block transactions associated with the Lazarus Group’s wallets.
This unfolding situation highlights the challenges and complexities of managing security breaches in the decentralized world of cryptocurrency, as exchanges and blockchain communities grapple with the aftermath of such high-profile attacks.