Mike Novogratz, CEO of Galaxy Digital, is urging world leaders to crack down on the Lazarus Group, the North Korean hacking outfit behind a massive cryptocurrency heist. He’s also rejecting calls for an Ethereum hard fork.
A Billion-Dollar Crypto Heist
The Lazarus Group recently stole roughly $1.4 billion worth of Ethereum (ETH) from the Bybit cryptocurrency exchange. Novogratz praised Bybit’s response to the hack, calling it “world-class,” but emphasized the need for global action against the hackers.
No Ethereum Rollback, Says Novogratz
Some in the crypto community have suggested rolling back the Ethereum blockchain to undo the theft. This would involve a hard fork, similar to one that happened in 2016. Novogratz firmly opposes this idea. He stated that the situation is vastly different now compared to 2016 and that a hard fork is unnecessary and impractical. He believes that freezing the stolen funds and focusing on government action against North Korea is the better approach.
Time for Global Action
Novogratz is calling for governments to take a stronger stance against the Lazarus Group, stating, “It’s time world leaders do something about Lazarus.” He argues that the group has been involved in numerous crypto heists over the years, stealing Bitcoin, Ethereum, and other cryptocurrencies.
At the time of writing, Ethereum is trading at $2,728.
Disclaimer: This information is for general knowledge only and does not constitute financial advice. Investing in cryptocurrencies is risky. Always do your own research before making any investment decisions.
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