Samson Mow Urges Ethereum Rollback After $1.4B Bybit Hack by North Korea

Samson Mow Calls for Ethereum Rollback After $1.4 Billion Bybit Hack

Samson Mow, a prominent Bitcoin advocate, has sparked a heated debate in the crypto community by urging a hard fork and blockchain rollback for Ethereum following a massive $1.4 billion hack on Bybit. Orchestrated by North Korean hackers, the theft of ETH and staked ETH (stETH) not only threatens Bybit but also poses a risk of financing North Korea’s nuclear ambitions. Mow’s bold proposal aims to return the stolen funds and prevent their misuse on a global scale.

• Samson Mow proposes Ethereum hard fork and rollback.
• Bybit suffers $1.4 billion hack by North Korean hackers.
• Objective: recover stolen funds and thwart North Korean nuclear financing.
• 2016 DAO hack sets historical precedent for Ethereum rollbacks.
• Suggested ticker change to “ETHNK” for current Ethereum chain.
• Mow advises investors to halt ETH trading until resolution.
• Ethereum’s price at $2,770, up 4% in the last day.

In a series of fiery tweets, Mow didn’t hold back, stating, “I fully support rolling back Ethereum’s chain (again) so the stolen ETH is returned to Bybit and also to prevent the North Korean government from using those funds to finance their nuclear weapons program.” His proposition echoes the dramatic aftermath of the 2016 DAO hack, which resulted in Ethereum’s first major fork and the creation of Ethereum Classic (ETC).

Mow injects humor into the serious situation, suggesting the current Ethereum chain be renamed “ETHNK” if a rollback occurs, while the rolled-back version retains the ETH ticker. He quipped, “As Vitalik Buterin and I discuss the best way to roll back the Ethereum chain, it’s best for everyone to stop trading ETH. Given that the rolled-back chain will have the ticker ETH, it’s prudent to rename the current one to ETHNK, which I believe Supreme Leader Kim Jong Un will continue to run validators for.”

This isn’t just about recovering lost funds; it’s about tackling the broader issue of cryptocurrency security and its implications on global politics. North Korean hackers have long been a menace to the crypto industry, and Mow’s call to action emphasizes the urgency of addressing these threats. The 2016 DAO hack serves as a reminder that Ethereum has navigated similar crises before, setting the stage for potential future interventions.

However, Mow’s proposal is not without its detractors. As a self-proclaimed Bitcoin maximalist, his criticism of Ethereum is well-known. His call for a rollback and trading halt might be perceived as a strategic play in the ongoing tussle between Bitcoin and altcoin communities. Yet, the potential to thwart the financing of nuclear weapons adds a layer of geopolitical significance that transcends mere crypto rivalry.

With Ethereum’s price currently at $2,770, up 4% in the last day, the market watches closely. The proposal raises fundamental questions about the balance between decentralization, security, and the ethical use of cryptocurrencies. As the debate rages on, the crypto community must weigh the advantages of a rollback against the core principle of blockchain immutability.

Key Takeaways and Questions

• What does Samson Mow suggest should be done with Ethereum’s blockchain following the Bybit hack?
  

  Samson Mow suggests that Ethereum should undergo a hard fork and blockchain rollback to return the stolen funds to Bybit and prevent the North Korean government from using them to finance its nuclear weapons program.

• Why does Mow propose renaming the current Ethereum chain to “ETHNK”?
  

  Mow proposes renaming the current Ethereum chain to “ETHNK” to differentiate it from the rolled-back chain, which he believes should retain the ETH ticker. He humorously suggests that North Korean leader Kim Jong Un might continue to run validators for the renamed chain.

• What historical event does Mow reference to support his argument for a rollback?
  

  Mow references the 2016 Ethereum DAO hack, which led to a hard fork and the creation of Ethereum Classic (ETC), to support his argument for a rollback.

• What action does Mow recommend investors take with respect to trading ETH?
  

  Mow recommends that investors stop trading ETH until the situation regarding the potential rollback is resolved.

• What is the current price of Ethereum?
  

  The current price of Ethereum is $2,770, which represents a 4% increase over the last day.

As the crypto world wrestles with Mow’s audacious proposal, the conversation about Ethereum’s future—and the role of cryptocurrencies in global security—continues to evolve. Whether a rollback comes to fruition or not, the intersection of crypto and geopolitics remains more pertinent than ever.