Mike Novogratz Calls for Action Against North Korean Hacker Group Lazarus

World leaders are being urged by billionaire Mike Novogratz to act decisively against Lazarus, the North Korean hacking collective responsible for a huge cyber crime. One of the biggest thefts in history occurred when the group took $1.4 billion worth of Ethereum (ETH) from Bybit’s cold wallet.

Galaxy Digital CEO Novogratz commended Bybit’s breach reaction, describing it as “world-class.” The hack has, however, rekindled debates about reversing confirmed transactions following significant security breaches by rolling back the Ethereum network.

A rollback akin to the 2016 Ethereum DAO hack, which resulted in a hard fork, has been proposed by several in the cryptocurrency industry. Novogratz, meanwhile, is adamantly against this notion.

Novogratz Rejects Ethereum Fork Proposal

Novogratz dismissed the possibility of an ETH rollback, stating: “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.”

Instead of altering Ethereum’s blockchain, Novogratz insists global leaders should focus on stopping Lazarus and preventing future attacks.

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

The Bybit hack highlights the ongoing cybersecurity threats in the crypto space. As authorities investigate, the industry faces tough decisions on how to handle large-scale attacks without undermining blockchain integrity.