Bybit CEO: Let Community Decide Ethereum Rollback After $38M Hack

Bybit's CEO has weighed in on the debate surrounding the potential rollback of Ethereum to its pre-hack state, suggesting that the decision should be left to the community to vote on. This comes as the cryptocurrency exchange faces a significant challenge following a $38 million hack on its platform.

The hack, which occurred on March 20, saw an attacker exploit a vulnerability in Bybit's smart contract, allowing them to drain funds from users' accounts. In response, Bybit has been working to mitigate the impact of the hack and has taken several steps to address the situation.

One of the proposed solutions to the hack is to roll back the Ethereum blockchain to its state before the hack occurred. This would effectively reverse the transactions that allowed the attacker to steal funds from users. However, this proposal has been met with controversy, with some arguing that it sets a dangerous precedent for the future of the blockchain.

Bybit's CEO has now weighed in on the debate, suggesting that the decision to roll back the blockchain should be left to the community to vote on. In a statement, the CEO said, "We believe that the decision to roll back the blockchain should be made by the community, not by any one individual or organization. We will support whatever decision the community makes."

This approach aligns with Bybit's commitment to decentralization and community governance, which are core principles of the cryptocurrency ecosystem. Bybit has been working closely with the Ethereum community to address the hack and has been transparent about its efforts to mitigate the impact on users.

In addition to the rollback debate, Bybit has also been taking steps to address the financial impact of the hack. The exchange has received loan support from several institutions and individuals, totaling 120,000 ETH. Additionally, a whale has deposited 20,000 ETH into the Bybit cold wallet, equivalent to approximately $53.7 million.

Bybit has also been working to improve its security measures to prevent future hacks. The exchange has been actively monitoring its platform for any signs of suspicious activity and has been working to enhance its security protocols.

As the debate over the potential rollback of Ethereum continues, Bybit's approach to the situation has been characterized by transparency, community engagement, and a commitment to the principles of decentralization. The exchange's response