Calls for Ethereum Rollback by Samson Mow

Bitcoin maximalist and JAN3 boss Samson Mow calls for the Ethereum chain to be rolled back after North Korean hackers exploited the Bybit exchange, stealing a staggering $1.4 billion worth of Ethereum.

Also, Bitcoin advocates seem to be trolling Ethereum’s leader Vitalik Buterin by spreading an identical tweet about “discussing the best way to roll back Ethereum” with him.

Meanwhile, other large crypto exchanges, including Binance, have rushed to assist the affected platform and have sent tens of millions of dollars in ETH to Bybit.

> As @VitalikButerin & I discuss the best way to roll back the Ethereum chain, it’s best for everyone to stop trading ETH.
>
> Given that the rolled back chain will have the ticker $ETH, it’s prudent to rename the current one to $ETHNK, which I believe Supreme Leader Kim Jong Un will…
> — Samson Mow (@Excellion) February 22, 2025

Samson Mow Proposes Ethereum Rollback

Mow, who has often criticized Ethereum as centralized, along with other Bitcoin maximalists like Max Keiser, has tweeted extensively about the Bybit hack, which is one of the largest in crypto history. Mow expressed support for rolling back Ethereum to return the stolen ETH to Bybit. He alarmingly pointed out that the stolen funds could potentially finance the North Korean nuclear weapons program.

> Allowing $ETHNK to proliferate is allowing an injection of $1.4B dollars into the North Korean nuclear weapons program.
> We must roll Ethereum back. Restore $ETH now!
> — Samson Mow (@Excellion) February 22, 2025

He, along with another Bitcoin maximalist, @SolveMaxwell, shared a tweet stating that they, along with Vitalik Buterin, are discussing rollback options for Ethereum. The tweet advises everyone to stop trading ETH and mentions a hypothetical ETH-based version called ETHNK (where NK stands for North Korea) that would emerge after the rollback to “cancel” the stolen $1.4 billion in crypto.

Mow also suggested that this rollback could be an opportunity to adjust EIP-1559 to correct the deflationary burn mechanism.

Exchanges Supporting Bybit with ETH

The first Ethereum rollback proposed by Mow recalled the 2016 Ethereum DAO hack, where 3.6 million ETH (worth $50 million at the time) was stolen, leading to the creation of Ethereum Classic (ETC). Mow and @SolveMaxwell also referenced this incident in their tweets.

> MEXC hot wallet transferred 12,652 stETH (about $33.75 million) to Bybit cold wallet. Bybit should have received 64,452 ETH (around $170 million) in loan support from Bitget, which withdrew funds from Binance and MEXC. Additionally, a whale or institution… link
> — Wu Blockchain (@WuBlockchain) February 22, 2025

Leading exchanges have begun sending liquidity to Bybit, including Binance, MEXC, and Bitget. Reports indicate they have transferred a total of 50,000 ETH, 12,652 stETH, and 64,452 ETH as loans to support Bybit.