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Crypto Expert Mike Novogratz Opposes Ethereum Fork

24.02.2025 18:00 1 min. read Alexander Stefanov
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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.

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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