Mike Novogratz, the CEO of Galaxy Digital, recently shared his thoughts on the calls for an Ethereum hard fork in response to the recent hack incident at the Bybit crypto exchange. The exchange lost nearly $1.5 billion worth of Ethereum in the hack, which was attributed to the North Korean hacking group Lazarus.
Many in the crypto community have suggested that Ethereum should undergo a network fork to recover the stolen funds, similar to a rollback that occurred during the Ethereum DAO hack in 2015. However, Novogratz believes that the situation is different now and that a fork is not necessary.
Novogratz pointed out that the 2015 Ethereum fork was a necessary step in the early days of the network, but now, with the network more mature, there are better ways to address such incidents. He emphasized that Lazarus has been involved in multiple crypto thefts over the years and that a fork would not be the best solution.
The Galaxy Digital CEO suggested that there are alternative methods to track and freeze the stolen funds, potentially on a centralized platform. He also expressed confidence that Ethereum will not undergo a fork and that it should not.
Bybit CEO Ben Zhou also weighed in on the situation, noting that the amount of Ethereum stolen this time is relatively small compared to past incidents. He indicated that Ethereum may not consider a rollback and that Bybit is exploring other avenues to recover the funds.
Meanwhile, on-chain investigations have linked the recent hack to the Lazarus group, indicating a pattern of coordinated attacks on crypto exchanges. Binance’s former CEO Changpeng Zhao praised Bybit’s transparency in handling the hack incident and highlighted the importance of collaboration in the crypto space.
Overall, the response to the Bybit hack highlights the need for improved security measures and cooperation among crypto companies. While challenges persist, the industry’s resilience and willingness to address issues head-on bode well for its future development.