Mike Novogratz shared his opinion on the calls for the Ethereum hard fork and said that it doesn’t make sense at the current age of Ethereum.
Summary
- The crypto community demands an Ethereum network fork to recover funds.
- Mile Novogratz said the Ethereum network should not go for a fork because the situation is totally different from the past.
- Binance former CEO CZ praised Bybit CEO’s leadership post-hack incident.
As we know, just a few days ago, the Bybit crypto exchange faced a hack incident, and in that incident, the exchange lost nearly $1.5 billion worth of Ethereum ($ETH) coins. On-chain, investigations found that the North Korean hacking group Lazarus was behind this whole hack attack.
To recover this large amount of $ETH coin from the hacking incident, many crypto people suggested Ethereum co-founder Vitalik Buterin go for a fork plan in the ETH blockchain network, just like a rollback happened nine years ago during the Ethereum DAO hack when thieves drained 3.6 million Ether.
In response to these suggestions, Billionaire Mike Novogratz, the CEO of crypto investment firm Galaxy Digital, said that the Bybit crypto exchange already did a great job of handling the situation post-hack incident.
Novogratz said that the 2015 time period was a totally different phase for Ethereum and going through a fork was a good decision in that baby step age.
Galaxy Digital CEO also added that the ETH fork suggestion is totally wrong because this is not the first time Lazarus stole cryptocurrencies already they are doing this for the long term.
Related: What is Hard Fork in Cryptocurrency?
On the network fork idea, Novogratz thinks that it will not happen & also believes that it should not. And also said that there are some better ways to track the stolen funds & then freeze them at some point on the centralised platform.
Also, Bybit CEO Ben Zhou shared his opinion on the ETH fork idea & said that the situation is totally different from the past. He also said that he would ask Vitalik Buterin if he could give any ideas to recover funds.
Lazarus Links in Other Crypto Attacks
On-chain investigators found that the recent major hack incident in the crypto space was linked to the Lazarus group or we can say that Lazarus was behind all those big crypto hacking incidents.
Binance’s former CEO Changpeng Zhao (CZ) also shared his opinion on this situation and predicted that probably the Lazarus hacking group succeeded in creating a fake UI to show fake transactions & easily mislead the crypto exchanges.
It is worth it to note that CZ also shared his opinion on the leadership of Bybit CEO & praised his decision to remain transparent with the customers. Furthermore, he also tried to talk about the WazirX hack attack but failed because of the ongoing lawsuit between Binance & WazirX exchange.
All these things show that crypto companies require a better level of collaboration as well as a friendly tie to remain ready to fight against the crypto challenges.
For instance, we can see that no crypto exchange came to help WazirX after the hacking incident, but in the case of Bybit, the majority of the exchanges jumped to help.
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