Arthur Hayes, a major ether holder and BitMEX co-founder, suggested rolling back the Ethereum network to reverse a $1.4 billion hack on Bybit. The hack involved the theft of nearly $1.4 billion in ether, with the attacker quickly converting assets and distributing them across multiple addresses. Bybit’s CEO confirmed the exchange’s solvency despite the loss. Hayes referenced the 2016 DAO hack, where Ethereum was rolled back to recover $60 million in ether, leading to the creation of Ethereum Classic. However, concerns arise about the feasibility of a rollback today due to Ethereum’s interconnected ecosystem, potentially disrupting bridges, stablecoins, and layer-2 solutions. Ether’s price dropped nearly 3% in 24 hours but remains stable between $2,600 and $2,800. The debate continues on whether Ethereum should compromise its principles of decentralization and immutability to address the hack.
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