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Mike Novogratz, CEO of crypto investment firm Galaxy Digital, made significant remarks following the recent attack on the Bybit exchange. He highlighted that approximately $1.4 billion worth of Ethereum 
$1,883 was stolen, suggesting a possible connection to the North Korea-linked Lazarus hacker group. Novogratz emphasized the need for increased international collaboration in response to this incident. The Bybit attack has raised discussions about the necessity for new security measures in the industry, signaling a potential vulnerability.
Bybit’s Response and Ethereum Rollback Debates
Bybit acted swiftly to mitigate the effects of the attack, announcing steps to compensate users for their losses. However, some industry representatives brought up the idea of rolling back past transactions on the Ethereum network, arguing that such an action could help recover stolen assets. The proposal to retroactively alter the network sparked significant debate within the community.
Altering the network retroactively stirred controversy. The Ethereum network had previously undergone a hard fork following the DAO attack, which Novogratz acknowledged as a sensible move at the time. He believes that, given the maturity of the Ethereum ecosystem today, such a decision would not be appropriate. Novogratz suggested that the solution lies in governments increasing pressure on North Korea.
Lazarus Group and Security Concerns
The Lazarus group has targeted the crypto market for years, stealing significant amounts of Bitcoin 
$83,761 and Ethereum. Following the Bybit attack, the need for stronger security measures against such threats has come to the forefront once again. Novogratz noted that Lazarus is not just targeting Bybit but poses a broader risk to the entire crypto ecosystem.
He stressed the necessity for global coordination to prevent such attacks. Increasing sanctions against North Korea may help restrict the financial resources available to hacker groups. The Ethereum network and the crypto community are taking various steps to freeze the funds affected by the attack and monitor Lazarus’s activities, but cybersecurity techniques are continuously evolving, necessitating updated defense methods.
