Cetus Reveals Recovery Plan, Taps SUI for Bridge Loan
The post Cetus Reveals Recovery Plan, Taps SUI for Bridge Loan appeared on BitcoinEthereumNews.com.
Six days after a $223 million exploit shook the Sui ecosystem, decentralized exchange Cetus has announced a recovery initiative that would override hacker-controlled wallets through a protocol-level upgrade, if the community approves it. The vote will determine whether $162 million in frozen funds can be forcefully reclaimed from the attacker’s wallets via a protocol-level upgrade as part of Cetus’s “larger recovery plan.” Cetus has requested a community driven vote to recover the funds frozen following last week’s hack. In response, the Sui Foundation has released code for an onchain community vote. Sui validators can cast votes, and Sui holders can also vote directly through stake delegation.… https://t.co/pVLTItN0MH — Sui (@SuiNetwork) May 27, 2025 “Using our cash and token treasuries, we are now in a position to fully cover the stolen assets currently off-chain,” Cetus tweeted on Tuesday. “This includes a critical loan from the Sui Foundation, making a 100% recovery for all affected users possible.” The recovery plan follows a recent attack on Cetus that exploited flaws in DEX’s automated market maker and oracle logic, enabling hackers to drain liquidity pools across the network. A community vote, launched at 1 p.m. PT on May 27 and open for up to seven days, will decide whether to authorize a protocol upgrade that reclaims the frozen funds without the hacker’s signature. If approved, the assets will be moved into a 4-of-6 multisig wallet jointly controlled by Cetus, auditing firm OtterSec, and the Sui Foundation, according to a statement from Sui. SUI holders can delegate their stake to validators who vote “yes,” “no,” or “abstain.” The Foundation’s own stake is excluded to preserve neutrality. The upgrade will only pass if over 50% of the total stake participates and a majority votes in favor. As of early Wednesday morning, 37.3% had voted “yes,” with zero “no” votes…
Filed under: News - @ May 28, 2025 8:27 am