Crypto Drama: Sui Validators to the Rescue! 💰🚀

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In a twist worthy of a theatrical performance, the Sui validators, those gallant guardians of the blockchain realm, have donned their capes and approved a governance proposal to return a staggering \$162 million in frozen assets. This grand gesture comes in the wake of the notorious exploit of the decentralized exchange, Cetus, a tale that could make even the most stoic of investors chuckle nervously. 😂

Ah, the infamous day of May 22, when the digital treasure trove of Cetus was plundered for over \$220 million! But fear not, for our valiant validators sprang into action, freezing \$162 million of the ill-gotten gains faster than you can say “decentralized finance.” 🦸‍♂️

In a governance vote that concluded on May 29, the Sui validators, with a resounding 90.9% in favor, decided to play the role of the benevolent overlords. A mere 1.5% abstained, while 7.2% chose to sit this one out, perhaps pondering the existential crisis of on-chain governance. 🤔

“With this result, the impacted funds will be moved to a multi-sig wallet and held in trust until they can be returned to users according to the plan led by Cetus,” proclaimed Sui in a post that surely echoed through the digital halls of Twitter. 📢

Sui validators will implement an upgrade to transfer the frozen funds to Cetus’ multisignature wallet. Only then can Cetus initiate its own upgrade for the emergency recovery pool and full data restoration. It’s like a digital relay race, but with more money at stake! 🏃‍♂️💨

“Cetus is aiming to complete its full recovery and restart in approximately one week,” the protocol announced in a post that surely had investors on the edge of their seats. They added:

“A dedicated compensation contract is under development and will undergo auditor review before deployment.”

Once the grand protocol restart is complete, all liquidity providers in the affected pools will regain access to their recovered liquidity. Remaining losses? Well, those will be “claimable through the compensation contract,” because who doesn’t love a good contract? 📜

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2025-05-30 14:28