Bitcoin advocate Samson Mow says Ethereum should undergo a hard fork after North Korean hackers stole a staggering $1.4 billion in ETH and stETH by exploiting crypto exchange Bybit.
In a new thread on the social media platform X, Bitcoin (BTC) maximalist Samson Mow says the leading smart contract platform by volume should roll back its blockchain to return the money to Bybit as well as prevent the North Korean government from weaponizing the looted ETH stash.
“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.
It’s not about what I want. It’s about what is best for the entire Ethereum ecosystem which I care deeply about. We cannot allow ETH to finance the North Korean nuclear program.”
Blockchain rollbacks reverse transactions that have already been confirmed to restore the chain to a specified earlier state and are usually performed after a network undergoes a major security breach. In the case of ETH, a rollback will lead to a hard fork similar to what happened in 2016 during the Ethereum DAO hack when thieves stole 3.6 million Ether.
Mow goes on to joke that the new roll-backed chain should keep the ticker ETH while the current one could be renamed to “ETHNK,” noting that investors should think about refraining from trading ETH until things are figured out.
“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.
So we will now have: ETH (the real Ethereum), ETHNK (which Coinbase should delist immediately), [and] ETC (Ethereum Classic) Let’s get to work.”
Ethereum is trading for $2,770 at time of writing, a 4% increase during the last day.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
