Ethereum Fork Debate Ignites Over $1.46B Hack Recovery Proposal

Ethereum Fork Debate Ignites Over $1.46B Hack Recovery Proposal

Ethereum Faces $1.46 Billion Bybit Hack, Fork Debate Sparks Market Turmoil

Ethereum has suffered a massive $1.46 billion loss in a security breach at Bybit, marking one of the largest crypto hacks in history. The attack triggered debates over whether Ethereum should fork to recover the stolen funds, with Mihir proposing a blockchain rollback upon legal validation.

Following the hack, ETH prices plunged from $3,500 to $3,200, with a surge in trading volume across Binance and Coinbase. Market volatility spiked, leading to a 10% increase in Ethereum network activity. Suspicions point to the Lazarus Group, the infamous cybercriminal organization behind major crypto heists.

Despite Bybit assuring the security of cold wallets and maintaining withdrawals, the incident shook investor confidence, impacting major cryptocurrencies. Bitcoin rose 1.5% to $50,000 as investors sought stability, while Bybit’s native token (BIT) plunged 10%.

With Ethereum at a crossroads, the debate over security, governance, and blockchain immutability intensifies, shaping the industry's future response to large-scale hacks.