Cetus Community Vote on $223M Fund Recovery 💸
Cetus, a decentralized exchange on Sui, announced that users impacted by a $223 million breach on May 22 may receive a full recovery of their funds through a community vote. Utilizing cash and token reserves, and with a crucial loan from the Sui Foundation, Cetus plans to reimburse affected users if the community agrees in an upcoming vote. Despite the need for this exceptional measure, Cetus emphasizes its commitment to right existing wrongs. On May 22, the exploit caused significant devaluation of Sui-based tokens, including a 50% fall in the CETUS token. The breach exploited a flaw in the smart contract of its Concentrated Liquidity Market Maker (CLMM) pool, originating from open-source code vulnerabilities. Although Cetus has since addressed the issue, the event is one among many high-profile DeFi exploits totaling $5.3 billion. This initiative by Cetus offers a chance at full restitution for those affected.
FAQ
❓ What is the purpose of the community vote proposed by Cetus?
The community vote aims to decide whether users affected by the $223 million exploit will receive a full refund of their funds.
❓ How does Cetus plan to recover the stolen funds?
Cetus intends to use its cash and token reserves, supplemented by a loan from the Sui Foundation, to restore missing funds if the vote is successful.