Cetus seeks Sui community nod to unlock $162M to make users whole

Sui-based protocol Cetus said connected May 27 that it can reimburse each idiosyncratic affected by its May 22 exploit if Sui token holders o.k. the instrumentality of frozen funds successful an upcoming on-chain vote.

Cetus said successful a May 27 societal media station that its currency and token reserves, combined with a secured indebtedness from the Sui Foundation, are capable to screen the $61 cardinal successful assets the attacker bridged to Ethereum.

According to a May 27 station by Sui, the indebtedness applies lone to the magnitude bridged extracurricular Sui, not to the remaining $162 cardinal that validators person already frozen connected the network.

An upcoming assemblage ballot volition determine whether to unlock the tokens that were frozen by validators aft the exploit.

The DEX has asked the Sui assemblage “for afloat support” to guarantee it tin marque the affected users whole. Cetus besides said it would people a step-by-step repayment program careless of the vote’s outcome.

The Cetus exploit is the ninth-largest hack successful the crypto manufacture successful presumption of the magnitude stolen, according to the Rekt News leaderboard. 

Full betterment possible

The Sui Foundation confirmed the statement successful a abstracted post, describing the indebtedness arsenic an “extraordinary measure” designed to reconstruct idiosyncratic balances beyond what Cetus could money alone.

Sui Foundation officials stated that the assemblage ballot connection volition look on-chain “shortly” and that validators stay acceptable to determination the frozen tokens if holders approve.

Furthermore, Foundation executives added that the indebtedness proceeds are successful escrow, and deployment could hap arsenic soon arsenic the astute declaration assemblage concludes the proposal.

Cetus paused each contracts connected May 22 aft an attacker exploited a flaw successful the protocol’s pricing logic. 

On-chain information indicates that the breach resulted successful $223 cardinal worthy of tokens, with $61 cardinal transferred to Ethereum and $162 cardinal halted by Sui validators.

Cetus contacted the exploiter done on-chain messages, offering a $6 cardinal bounty successful speech for the funds bridged to Ethereum. However, the protocol did not person a reply.

Project developers said they “deeply regret the impact” and volition “begin betterment immediately” erstwhile they finalize the mechanics for distributing reimbursements. 

Cetus reiterated that rebuilding idiosyncratic spot remains its apical precedence and is committed to providing periodic advancement updates. The protocol has not disclosed a timeline for codification fixes oregon the resumption of trading.

The station Cetus seeks Sui assemblage motion to unlock $162M to marque users whole appeared archetypal connected CryptoSlate.