BitMEX co-founder, Arthur Hayes, has called on Ethereum co-founder Vitalik Buterin to roll back the Ethereum network in order to assist Bybit, a hacked exchange that lost almost $1.4 billion in ether. Hayes argued that ether stopped being money after the DAO hack in 2016 and suggested that the community could consider another rollback. The Bybit hack resulted in suspicious outflows of over $1.4 billion, with the attacker exchanging mETH and stETH for ether through a decentralized exchange. Bybit CEO Ben Zhou confirmed that the exchange was solvent even if the hack loss was not recovered. Rolling back the blockchain involves reverting it to a state prior to the hack, effectively erasing malicious transactions and restoring stolen funds. However, the Ethereum community is divided on whether to pursue this option due to concerns about compromising decentralization and immutability. Ethereum is currently facing a challenging decision regarding how to address the hack.



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