After the cryptocurrency market Bybit was hacked for over 400,000 ETH totaling 47,000 million baht, there are now questions about how the crypto industry will deal with such a massive Ethereum theft. Ben Zhou, the CEO of Bybit, took to Twitter Spaces to communicate with the community, promising to do everything possible to recover the funds. Currently, the first measure in place is setting up a reward fund for those who can bring back the stolen funds, totaling $140 million or 10% of the stolen value.
When asked if there would be proposals to delete the transactions that the malicious actors used to steal the funds, Zhou did not deny but indicated that it would be up to the community. If there were indeed plans to roll back transactions, it would likely require a community vote, although he expressed uncertainty about the community’s stance. The process of reversing transactions from malicious actors in Ethereum has occurred before in 2016 when TheDAO was hacked for 3.6 million ETH worth $50 million. The Ethereum community opted to reverse the transactions, but a faction disagreed and split off to form Ethereum Classic, preserving the malicious transactions.
Various crypto services have started banning accounts associated with the Bybit hack, such as Bitget and Tether’s USDt crypto market, locking a portion of the malicious actors’ funds. Zhou expressed gratitude to those in the industry without specifying who specifically aided in the response. Bybit has released an API to publicize a list of accounts connected to the hackers who stole the funds, allowing the global crypto market to blacklist these accounts.
Source: CoinTelegraph
TLDR: Bybit CEO vows to recover stolen funds after massive Ethereum hack, community may decide on rolling back transactions, crypto services ban accounts linked to hackers, Bybit releases API to blacklist hacker accounts.
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