You can drill the bolt head out but those bolts should be VERY hard.
Depending on how much of the bolt is visible, a good welder may be able to weld (Arc, Mig, Tig..... not Oxy -Acetyline) another bolt to the rounded one and you can use that bolt as the method of release.
Another choice is to go up to the next size allen key and file it away CAREFULLY (often done on a grinding wheel) until it fits when you hammer it IN!! This takes AGES if you want to do it RIGHT but it DOES work!
You MAY be able to pass a hack-saw blade (without the hacksaw) into the 'gap' and saw the bolt in half.
Whatever you do, you will probably damage the hub and you'll be replacing it anyway. Thus you can simply hacksaw the WHOLE hub (carefully!) until it falls off the axle and simply throw it away!
Finally, take it to an engineering firm who will dop one of the above for you...... but neatly!
Ian
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