Arthur Hayes Calls for Ethereum Rollback After $1.4B Bybit Hack – Is ETH’s Reputation at Risk?
Recent Bybit Hack has caused Loss of $1.4 billionhas attracted serious attention in the cryptocurrency field. The attacker managed to compromise on Bybit’s Eth Cold Wallet, transferring the stolen funds to one address and then spreading them to multiple wallets.
As hacker news spread, Bitmex co-founder Arthur Hayes has come up with a bold plan to return to the Ethereum network to remove hackers and recover lost funds.
Ethereum rollback: Possible solution?
Arthur Hayes, a well-known ETH investor, addressed Ethereum co-founder Vitalik Buterin on X, indicating that the network should roll back to help Bybit recover stolen funds.
.@VitalikButerin will you advocate to roll back the chain to help @Bybit_Official ?
— Arthur Hayes (@CryptoHayes) February 21, 2025
Hayes said in his post that Ethereum had rolled back in 2016 after DAO Hack, which led to a hard fork that was divided into Ethereum and Ethereum Classics to recover $60 million of stolen .
He therefore questioned why similar measures could not be taken again to correct this significant loss.
“I support it because we already voted on immutability in 2016, why not do it anymore?”
Complexity of Ethereum rollback
The idea of rollback inspired mixed reactions in the encrypted space. Some believe this may be a solution to prevent bad actors from benefiting, while others believe that the Ethereum ecosystem is too complex now, which is closely related to StableCoins, Layer 2 solutions and other projects.
Gautham Santhosh, co-founder Polynomialnoting that rollbacks could break many basic parts of the Ethereum ecosystem, making it an unrealistic option.
Meanwhile, Sina 21st Capital has raised concerns about the future of Ethereum, saying the network is in a difficult position. If it backs off, it has the potential to lose its decentralization.
But if this is not the case, hackers like North Korea Group will retain the stolen funds. Ethereum’s reputation may suffer either way
Ethereum prices under pressure
Ethereum’s price has dropped by about 3.7% in the past 24 hours after news from the Bybit hack and debates about possible rollbacks. However, it’s still moving $2,600 to $2,800 range.
Ethereum now has a resistance level of $2,600, which includes the lower boundary of the 200-day moving average and the descending wedge.
If it fails to break through upward movement, ETH may see a further decline, potentially falling to a $2,500 mark.
