Sui Supports Cetus Protocol in $5M Bounty Effort – Coincu
The post Sui Supports Cetus Protocol in $5M Bounty Effort – Coincu appeared on BitcoinEthereumNews.com.
Key Points: Sui Foundation and Cetus offer a $5 million bounty for information on the hacker. A community-backed protocol upgrade is underway to recover stolen assets. SUI shows resilience with a 50.72% gain in 60 days despite the hack. Cetus Protocol faced a severe hack, with attackers exploiting vulnerabilities to siphon off liquidity. In response, Cetus, supported by Sui Foundation, announced a $5 million bounty for hacker-related information. The Sui officials emphasized community protection, quoting: Sui Foundation Offers $5 Million Bounty Following Cetus Hack The Sui officials emphasized community protection, quoting: In an effort to rectify financial impacts and enhance safety, the Foundation and Inca Digital are working to recover stolen assets through a community-backed protocol upgrade. Although the attacker’s identity is still unknown, assets have been traced across blockchains as they were laundered. “Our top priority remains protecting the community and supporting active resolution of the theft.” — Sui Blockchain The community’s reaction included a notable drop in SUI token value. Nevertheless, statements from key figures focused on governance and security enhancements while community discussions have highlighted the need for reinforced decentralization frameworks. Cetus Hack Impacts Market Despite 50.72% SUI Gains Did you know? The Cetus Protocol hack, the second-largest in 2025, underscores the ongoing risks in DeFi. This event, following a $1.46 billion Bybit hack, highlights vulnerabilities in blockchain security. As of May 24, 2025, SUI experiences a market cap of $12.20 billion, according to CoinMarketCap data. The token’s price is $3.66, down 0.83% in the last day. Despite the recent hack, SUI shows a 50.72% gain in 60 days, revealing potential resilience. Sui(SUI), daily chart, screenshot on CoinMarketCap at 14:22 UTC on May 24, 2025. Source: CoinMarketCap Coincu research suggests that the Cetus Protocol hack will foster stronger regulatory and technological solutions. This could result in enhanced…
Filed under: News - @ May 24, 2025 2:28 pm