Bybit CEO Ben Zhou has pledged to pursue all attainable avenues to recuperate the funds stolen through the current hack linked to the Lazarus Group.
Talking throughout a Feb. 22 X Areas dialogue, Zhou outlined the change’s technique, which features a bounty program, cooperation with regulation enforcement, and consultations with the Ethereum Basis to discover potential options.
Zhou Discusses Chance of Ethereum Blockchain Rollout
Zhou addressed the potential for rolling again the Ethereum blockchain to reverse the consequences of the Feb. 21 hack.
“I’m unsure if it’s one man’s determination,” Zhou stated, emphasizing the significance of neighborhood enter in any potential rollback determination.
The Ethereum community confronted an analogous state of affairs in 2016 following the DAO hack, which led to a tough fork and the eventual creation of Ethereum Traditional.
Nevertheless, Ethereum core developer Tim Beiko has cautioned towards calls from the crypto neighborhood to roll again the Ethereum community to its pre-Feb. 21 state.
In a Feb. 22 X submit, Beiko defined that whereas the proposal could seem cheap to some, it’s technically complicated and will result in important penalties.
The Bybit hack occurred after a switch from the change’s multisig pockets to a heat pockets, which appeared authentic however contained malicious code that altered the good contract logic to steal funds.
Beiko famous that the compromised interface made it seem to be the transaction was regular, prompting some within the crypto neighborhood to advocate for a rollback to recuperate the stolen property.
There will likely be no Ethereum rollback
For a similar cause that BTC & SOL can even by no means roll again, as they’re nonetheless public blockchains!
Those who "assault" ETH on this manner weaken the muse of all crypto
In occasions like this, we must always unify, not divide, crypto communities— Justin Bons (@Justin_Bons) February 22, 2025
Beiko confused that the state of affairs differs from the 2016 DAO exploit, which led to an Ethereum arduous fork.
On this case, the transaction adopted protocol guidelines and appeared commonplace, leaving no simple resolution to reverse it with out broader community implications.
Lazarus Group Holds $1.3 Billion Price of ETH
In line with blockchain analytics agency Lookonchain, the Lazarus Group, believed to be affiliated with North Korea, at present holds roughly 489,395 ETH—valued at round $1.3 billion—unfold throughout 54 wallets.
The group has reportedly been shifting the stolen funds between wallets to obscure their origins and launder the property on-chain.
In response to the assault, Bybit has launched a ten% bounty program, providing as much as $140 million to white-hat hackers who help in recovering the stolen funds.
Zhou additionally expressed gratitude to trade companions for his or her swift motion and assist following what’s now thought-about one of many largest crypto hacks in historical past.
Different trade gamers have joined the restoration efforts.
Tether CEO Paolo Ardoino introduced the freeze of 181,000 USDT related to the hack, whereas Bitget CEO Gracy Chen confirmed that the change would block transactions linked to wallets tied to the Lazarus Group.
We simply froze 181k USDt linked to the ByBit hack.
Won’t be a lot however it's sincere work.
We hold monitoring.
Kudos to @zachxbt— Paolo Ardoino
(@paoloardoino) February 22, 2025
Notably, safety consultants and neighborhood members shared sensible recommendation to safeguard customers’ property in mild of the hack.
“Give up,” vice chairman of blockchain at Yuga Labs, posted a number of safety suggestions on X, encouraging customers to make use of multisignature wallets, {hardware} wallets, and transaction simulations for enhanced security.
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