Cetus Recovers $160M After Hack
Cetus Recovers $160 Million After Hack
Cetus Protocol has achieved a major milestone in its recovery from a recent exploit, successfully securing $160 million in stolen assets. These funds have been moved to a secure multi-signature (multisig) wallet, jointly controlled by Cetus, the Sui Foundation, and security firm OtterSec, following an overwhelmingly approved on-chain community vote.
Cetus's Recovery Plan
This successful recovery marks the beginning of the next phase. Cetus has publicly stated their commitment to a comprehensive recovery plan, including:
- Contract upgrades
- Liquidity restoration
- Protocol relaunch preparations
The team emphasizes its dedication to working diligently to implement this roadmap.
Community Support and Transparency
The community's support was crucial. 90.9% of Sui network stakeholders voted in favor of the recovery plan, resulting in the early closure of the on-chain vote. Cetus is maintaining transparency by hosting a public discussion on X (formerly Twitter) on June 2nd, detailing the security breach, recovery efforts, and answering community questions.
Positive community reaction on X highlights the appreciation for the transparency and swift action taken by the Cetus team.
Market Impact
Despite the successful recovery, the market reacted negatively. At press time, the CETUS token price experienced a decline, dropping 7.19% in 24 hours, 17.87% over the past week, and 38.46% monthly. Similarly, SUI also saw a notable dip. However, Cetus remains committed to a full recovery and restoring user trust.
Codeum: Your Partner in Blockchain Security
Incidents like the Cetus hack highlight the critical need for robust security measures in the blockchain space. Codeum offers comprehensive blockchain security solutions, including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. Contact us to learn how we can help secure your project.