During the 94th Academy Awards on Sunday, March 27, Smith, 53, got physical with Rock after he cracked a joke about his wife Jada Pinkett Smith's shaved head while presenting an award.
The Pursuit of Happyness actor walked on stage and slapped Rock, 57, across the face before telling him: "Keep my wife's name out of your f**king mouth."
In response to the chaos that took over Sunday's show, the Academy of Motion Picture Arts and Sciences released a statement to address the situation, writing via Twitter: "The Academy does not condone violence of any form."
"Tonight we are delighted to celebrate out 94th Academy Awards winners, who deserve this moment of recognition from their peers and movie lovers around the world," the message continued.
While the Academy didn't specifically condemn Smith for his actions, speculation has been circulating about whether he will face consequences for the shocking slap, including being stripped of his Best Actor title for his performance in King Richard.
"It's basically assault. Everyone was just so shocked in the room it was so uncomfortable," a source spilled to New York Post, noting: "I think Will would not want to give his Oscar back, but who knows what will happen now."
Fans have even started to call for Smith's award to be revoked, with one user writing on Twitter: "Just imagine if that had been ANYONE but Will Smith. They would have been hauled off so fast. But we are not normalizing assault in 2022. No special treatment. Remove him #oscars," as The Sun reported.
The ordeal started when Rock joked that he couldn't wait to see Pinkett Smith in GI Jane 2, which was a low blow at the actress' shaved haircut.
Smith was likely worked up over the insult considering his wife's battle with alopecia, an autoimmune condition that causes rapid hair loss, which she first opened up about in 2018.
As OK! previously reported, Smith was "pulled aside and comforted by Denzel Washington and Tyler Perry, who motion for him to brush it off. Will appears to wipe tears from his eyes as he sits back down to Jada, with Denzel comforting Jada and Will's rep by his side," a journalist tweeted on Sunday.
"Will and Jada hold hands as Chris stands on stage after their incident..." he continued.