The post Cetus Protocol Recovers Post-Hack with Strategic Upgrades – Coincu appeared on BitcoinEthereumNews.com.

Key Points: Cetus Protocol embarks on recovery plans post $223 million hack. Two-pronged strategy involves white-hat talks and legal action. Community vote proposed for protocol upgrade to return frozen assets. On May 22, 2025, the Cetus Protocol suffered a cyber attack, resulting in a theft of approximately $223 million, marking it as the second-largest crypto heist of the year. The event raises concerns about DeFi security and prompts an urgent response from the community. Cetus Protocol’s recent hack revealed vulnerabilities affecting two parts: funds held in Sui and ETH. Recovery operations are actively ongoing, including technical solutions and white-hat negotiations. The aggregator service has resumed, supporting exchanges like Phantom and Binance Alpha, as per BlockBeats News. Cetus also engages in finalizing recovery details with the Sui Foundation and community members, alongside simulating recovery scenarios for compensation plans. $223 Million at Stake: Cetus Protocol’s Recovery Path Unveiled Cetus Protocol has proposed a protocol upgrade via PoS voting to facilitate the return of frozen funds, enhancing security, and preventing further losses. The offer of a $5-6 million bounty for information signifies their commitment to resolving the issue. With Sui validators playing a key role, the protocol continues efforts in securing assets and preventing further attacks. Market observations show the potential risk of decentralized platforms and the need for sophisticated security measures. The community and stakeholders maintain a close watch, indicating a growing awareness of DeFi vulnerabilities. Leading names stress enhancing smart contract safety to avoid future incidents. The incident led to rapid market reaction and emphasized the need for enhanced protocol governance and accountability. “We are offering a bounty of $5-6 million for information leading to the identification of the hacker or the return of stolen funds.” – CoinTelegraph DeFi Security in Spotlight as SUI Price Reacts Did you know? The Cetus…

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Filed under: News - @ May 25, 2025 2:27 am