Crypto Expert Mike Novogratz Opposes Ethereum Fork

Mike Novogratz, the billionaire CEO of Galaxy Digital, has called on global authorities to take stronger action against Lazarus, the North Korean hacking group behind the massive $1.4 billion Ethereum theft from Bybit.

Novogratz, who oversees one of the largest crypto investment firms, praised Bybit’s swift and effective handling of the situation but expressed concerns over the growing threat of state-sponsored cybercrime.

Some industry leaders have suggested using a blockchain rollback to reverse the Ethereum theft, similar to the 2016 Ethereum DAO hack, but Novogratz firmly opposed this idea.

He emphasized that Lazarus has been targeting various cryptocurrencies for years, including Bitcoin and Ethereum, and a rollback would set a dangerous precedent.

While Novogratz acknowledged Bybit’s significant loss, he believes that the focus should be on pressuring North Korea to halt its cybercrime activities rather than altering the Ethereum network.

He stressed that the 2015 Ethereum hard fork was a product of a very different crypto landscape and that the industry is now mature enough to handle such attacks without resorting to drastic measures like network changes.