The $1.4 billion Ethereum (CRYPTO: ETH) theft from cryptocurrency exchange Bybit has not only sent shockwaves through the market but also revived a long-standing contentious debate—implementing a hard fork to recover hacked funds.
The enormity of the hack, considered the biggest in cryptocurrency history, and the involvement of North Korea’s state-backed Lazarus Group have motivated these demands.
Blockchain technologist Samson Mow argued that rolling back the Ethereum chain would hinder Kim Jong Un-ruled North Korea from using the funds to fund its nuclear weapons program.
However, several analysts that Benzinga spoke to said such a move would be detrimental to the network and the broader cryptocurrency industry.
‘Hard Fork Could Trigger Exodus of Applications To Other Chains’
Kadan Stadelmann, blockchain developer and Chief Technology Officer of Komodo Platform, said that any rollback would end up causing “extensive ripple effects” for any individuals or companies using ETH as settlement
“In addition, it would be a big shock across the Dapp layer, potentially causing an exodus to other blockchains as developers lose confidence in the immutability of the Ethereum blockchain,” Stadelmann emphasized.
A hard fork splits the blockchain into two separate versions, typically initiated after a significant security violation.
The most notable case was the $50 million
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