Galaxy’s Mike Novogratz Shuts Down Calls for Ethereum Hard Fork, Asks World Leaders To Go After Lazarus Group

Billionaire Mike Novogratz says world leaders should act to take down Lazarus, the notorious North Korean hacker group responsible for the recent Bybit hack, which is believed to be the biggest heist in human history.

Novogratz, the CEO of crypto investment firm Galaxy Digital, says that Bybit did a world-class job of handling the hack , which ultimately resulted in $1.4 billion worth of Ethereum ( ETH ) being stolen from the exchange’s cold wallet.

Following the hack, some prominent figures in the industry have proposed the idea of rolling back the Ethereum network.

Blockchain rollbacks reverse transactions that have already been confirmed to restore the chain to a specified earlier state and are usually performed after a network undergoes a major security breach. In the case of ETH, a rollback will lead to a hard fork similar to what happened nine years ago during the Ethereum DAO hack when thieves drained 3.6 million Ether.

Novogratz strongly rejects the idea.

“This is a false narrative. Lazarus has been at it for years. They have stolen BTC, ETH and plenty of other cryptos.

There will be and should be no ETH fork. Bybit unfortunately will take a hit until their funds are recovered if our governments ever press NK (North Korea). The community will freeze the accounts and we move on.

The 2015 fork was at a very, very different time for the ecosystem. It was still a baby taking its first steps and steadying it made a ton of sense. Not true now.”

The Galaxy executive is also calling on world leaders to deal with the threat posed by the North Korean hacker group.

“It’s time world leaders do something about Lazarus.”

At time of writing, ETH is trading at $2,728.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney