Sui's Vote Recovers Stolen Cetus Funds 🚀
Cetus, a decentralized exchange operating on Sui, received significant backing for its initiative to recover tokens stolen during a $223 million hack. Of the stolen amount, $162 million was frozen on the Sui blockchain by validators and resides in two attacker-controlled addresses. A governance proposal to unfreeze these assets gained 90% approval by May 29. The plan involves transferring the frozen tokens to a multisignature trust managed by Cetus, OtterSec, and the Sui Foundation. Cetus aims to recover fully and restart within a week, with a focus on data restoration and resuming all paused operations. The hack, dated May 22, exploited a flaw in Cetus’ CLMM model, which was later fixed. A $6 million reward was offered for the return of 20,920 ETH stolen and bridged to Ethereum.
FAQ
❓ What was the result of the governance vote?
The vote approved the unfreezing of $162 million in stolen funds with 90% support.
❓ How does Cetus plan to distribute the recovered funds?
Cetus will use a compensation contract to manage fund distribution and introduce a recovery feature in its CLMM.
❓ What triggered the Cetus exploit?
A vulnerability in Cetus' CLMM model allowed attackers to drain $223 million from liquidity pools.