Is $10 Million Enough to Fix Sui Network’s Security Mess? 🤔💸

by

So, Sui Network, in a classic case of “let’s throw money at the problem,” has decided to roll out a $10 million fund to boost security. This comes right after the Cetus Protocol hack that cost users a whopping $223 million. You know, just a casual Tuesday in the crypto world! 💰

Now, they say this money will go towards audits, bug bounties, and new developer tools. Great! But wait, who decides how this cash is spent? Is it like a group project where everyone just stares at each other until someone takes charge? Sounds like a recipe for disaster! 🤷‍♂️

The Money And The Plan

According to Sui’s team, this $10 million isn’t just a pile of cash sitting around. No, no! It’s a “shared resource” that developers and community members will help guide. Bug bounties for anyone who finds serious flaws? Sure, because nothing says “trust us” like a bunch of amateurs hunting for bugs! 🐞

Doubling down on Sui security. A thread

Apparently, the root cause of the Cetus incident was a bug in a math library, not a vulnerability in Sui or Move. But hey, the impact on users is the same! So, let’s just pretend everything is fine and dandy, right? 🙄

— Sui (@SuiNetwork) May 26, 2025

Audits will dig into both core code and popular dApps. And new tools? Oh, they’re supposed to make it easier for builders to catch problems before they hit mainnet. Because we all know how well that usually goes! 😅

Governance Tensions On Display

Now, Sui is asking token holders to vote on whether to return some frozen assets to Cetus users. This has sparked a debate. Critics are saying, “Hey, wait a minute! Letting validators make these decisions could give too much power to a small group!” Shocking, I know! 😲

Sui’s Foundation promises to stay neutral, but what does “neutral” even mean? It’s like saying, “I’m just here for the snacks” at a party while you’re eyeing the last slice of pizza! 🍕


Incentives To Catch The Hacker

Cetus has put up a $6 million white-hat bounty to recover stolen funds. Sui has added another $5 million reward for any tip that leads to the hacker’s capture. That’s $11 million on the table for a single exploit! Sounds like a game show, doesn’t it? “Who Wants to Be a Millionaire: Hacker Edition!” 🎉

But some security experts are wondering if this process will slow down or if critical details will get lost in legal wrangling. Because, of course, that’s how these things go! 🙃

Price Rebound

Since the hack, SUI’s price slid about 15%. It went from roughly $4.28 to a low near $3.50. But don’t worry! At press time, it was on recovery mode, up 6% and trading at $3.72. So, basically, it’s like watching a soap opera—lots of drama, but no real resolution! 📉


What Comes Next For DeFi On Sui

Total value locked (TVL) has begun inching up again. Bridged TVL, which tracks assets coming in from other blockchains, has seen a noticeable bump. Yet DEX volume and app revenue haven’t fully bounced back to pre-hack figures. So, it’s like a bad breakup—everyone’s trying to move on, but the scars are still there! 💔

Read More

2025-05-28 22:21