The post Cetus Protocol Transfers Funds for Recovery Post-Hack – Coincu appeared on BitcoinEthereumNews.com.

Key Points: Cetus Protocol completes fund transfer post-hack with Sui Foundation’s support. Protocol recovers with community governance vote, plans open discussions. Market confidence reinforced; CETUS token surged by 30%. Cetus Protocol, a decentralized exchange on the Sui blockchain, announced on May 31 that post-hack funds have been safely transferred to a multi-signature trust wallet managed by Cetus, Sui Foundation, and OtterSec. This highlights collaborative efforts in decentralization and recovery governance, with community involvement emphasized. Successful Transfer of Hacked Funds Ensures Future Security Cetus Protocol has successfully transitioned hacked funds into a secure, jointly-managed wallet with oversight from the Sui Foundation and OtterSec. This move follows an approved on-chain vote initiated shortly after the breach. With proposed measures, the protocol aims to fully recover user assets, facilitated by a contingent loan from the Sui Foundation and augmented by treasury reserves. The funds will be subject to an upcoming governance vote for complete retrieval. “By utilizing our cash reserves and token treasuries, we are now capable of completely covering the stolen assets that are currently off-chain, contingent on the recovery of the locked funds through the forthcoming community vote. This includes a vital loan from the Sui Foundation, facilitating a full recovery for all impacted users.” – Cetus Protocol Official Account, Twitter Sui Blockchain Exploit Leads to Groundbreaking Recovery Strategy Did you know? The Cetus Protocol exploit is one of the largest in the Sui ecosystem, prompting a unique recovery approach combining foundation-backed loans and governance votes, setting new precedent for decentralized recovery efforts. Sui (SUI) currency evaluates at $3.16, with a market cap of $10.54 billion and a circulating supply of 3.34 billion. Trading volume hit $1.37 billion within 24 hours, showing a 3.33% increase. Recent price changes reflect an 8.50% drop over 24 hours and a 13.50% decrease over seven…

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Filed under: News - @ May 31, 2025 9:28 am