Ethereum in Trouble After $1.4B Bybit Hack? Arthur Hayes Calls for 2016-Like Rollback

The recent $1.4 billion Bybit hack has sent shockwaves through the crypto world. Hackers managed to breach Bybit’s ETH cold wallet, swiftly moving the stolen funds to a single address before scattering them across multiple wallets. The sheer scale of the attack has left many wondering – can anything be done to recover the lost funds?

Arthur Hayes, the BitMEX co-founder, has proposed a bold and controversial idea: rolling back the Ethereum network to undo the damage. But is such a drastic move even possible? And what would it mean for Ethereum’s future?

Arthur Hayes Calls for Ethereum Rollback

Addressing Ethereum co-founder vitalik buterin vitalik buterin Vitalik Buterin is a professional programmer and Co-Founder of Ethereum. Buterin, along with Gavin Wood, Charles Hoskinson, Joseph Lubin, and Anthony Di, launched Ethereum in 2014. He co-created Ethereum when he understood that he could construct a new, possibly enhanced version by iterating on the Bitcoin blockchain. He has been involved in the Bitcoin community since 2011, writing and co-founding articles for Bitcoin magazine.
 
Details:
Organization: EthereumLocation: CanadaEducation: Vitalik graduated from the University of Waterloo (2012–2014)Skills: Computer programming and writing
 
Awards:
Honored with the Thiel Fellowship Award in 2014.Won the World Technology Network prize.Fortune’s 40 under 40 list and appeared on the Under 30 list of Forbes at the age of 23
Experience:
He has been the founder of Ethereum from November 2013 to the present.Buterin has contributed as a developer to other open-source software projects. He also contributed to DarkWallet.Buterin has been involved in various initiatives to improve blockchain technology and its applications.
FAQ
1. Who is Vitalik Buterin?One of the most well-known figures in the cryptocurrency space is Vitalik Buterin, who co-founded Ethereum, one of the biggest and most significant blockchain systems.2. What is the net worth of Vitalik?Vitalik’s net worth is 32 billion dollars, according to Forbes.
3. What does Vitalik Buterin invest in?Vitalik Buterin has made numerous investments in companies like Varro Life Sciences, Polymarket, and RISE (Singapore) within the healthcare technology systems, information services (B2C), and financial software industries. [email protected] EntrepreneurCrypto and Blockchain Expert on X (formerly Twitter), Hayes pointed out that Ethereum performed a rollback in 2016 after the DAO hack. That event led to a hard fork, splitting Ethereum into Ethereum (ETH) and Ethereum Classic (ETC) to recover $60 million in stolen funds.

“I would support it because we already voted no on immutability in 2016—why not do it again?”

Hayes’ suggestion has sparked intense debate. Some believe a rollback could stop hackers from profiting, while others argue that Ethereum is now too complex for such a move.

Gautham Santhosh, co-founder of Polynomial.fi, warned that a rollback could break key parts of the Ethereum network, including stablecoins, Layer-2 solutions, and DeFi projects, making it unrealistic.

Meanwhile, investment firm Sina 21st Capital highlighted Ethereum’s dilemma: if it rolls back, it risks losing its reputation for decentralization. But if it doesn’t, hackers—possibly linked to North Korea—keep the stolen funds. Either way, Ethereum’s credibility is on the line.

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Ethereum Price Under Pressure

The Bybit hack and the rollback debate have shaken the market. Ethereum’s price has fallen about 3.7% in the past 24 hours but remains within the $2,600 to $2,800 range.

Currently, ETH is facing resistance at $2,600, a key level that aligns with the 200-day moving average and the lower boundary of a descending wedge. If Ethereum fails to break above this level, it could drop further toward $2,500.