Not the Same as the 2016 DAO Attack!

The Bybit hack occurred when a seemingly legitimate transfer from the exchange’s multisig wallet to a warm wallet was executed. However, a malicious code altered the smart contract logic, allowing the hacker to steal the funds. Beiko emphasized that this situation is different from the 2016 DAO exploit and cannot be reversed in the same manner.

During the DAO attack, there was a built-in failsafe mechanism that froze withdrawals for a month, preventing the hacker from cashing out immediately. This gave developers time to intervene and alter the blockchain’s history. However, in the Bybit case, the hacker gained instant access and immediately transferred the funds on-chain.

Is an Ethereum Rollback Possible?

Among those advocating for an Ethereum rollback are BitMEX co-founder Arthur Hayes and Jan3 CEO Samson Mow. Mow stated, “Rolling back the Ethereum chain would prevent North Korea from using these stolen funds to finance its nuclear weapons program.”

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However, Beiko pointed out that the Ethereum ecosystem has evolved significantly since 2016. With DeFi protocols and cross-chain bridges now deeply integrated, rolling back the network would have serious consequences. “This level of intervention would trigger near-intractable ripple effects.”

Yuga Labs Blockchain VP 0xQuit also warned that a rollback could cause losses far exceeding the $1.5 billion stolen. “Thousands of innocent people would lose money, while thousands more would gain money they shouldn’t. Ethereum is now the backbone of DeFi and a primary settlement layer; you can’t just rewind this infrastructure.”

Bybit CEO Ben Zhou took a neutral stance, stating, “This is not an individual decision. Maybe the community should vote on it, but I’m not sure.”

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