On May 22, disaster struck in the world of decentralized finance as Cetus, the pride of the Sui blockchain, was hacked. A $223 million loss? Oh, how quaint! The hacker, not even bothering with a bit of subtlety, threw around fake tokens like confetti at a wedding, causing chaos in Cetus’ price system. But, never fear! Sui validators quickly froze $162 million. Sui’s heroes, like knights of the round table, banded together with Cetus to create a recovery plan. Talk about teamwork!
And the Winner Is… The Proposal!
Next came the vote: “Should we return the stolen funds?” A revolutionary idea, right? This proposal had the audacity to aim for the return of the frozen funds from the hacker’s wallet. The Sui community voted overwhelmingly in favor—52% of the staked community members nodded their heads with approval. The proposal passed faster than a crypto trend. The Sui Foundation and OtterSec now hold the reins, with a multisig wallet ensuring the safe return of the funds to Cetus. Phew! Crisis averted… maybe?
Just in: With nearly 53% approval, the $SUI community passed the proposal to return stolen assets from the #Cetus Protocol.
As a result, #Sui Foundation and OtterSec will transfer $162M in frozen funds from the attacker.#CoinPedia #CryptoNews #Blockchain #CryptoMarket
— Coinpedia (@CoinpediaNews) May 28, 2025
- Also Read :
- SlowMist Breaks Down How a Tiny Code Flaw Led to Cetus’ $230M Collapse
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How Does This Voting Thing Work Anyway?
The vote began on May 27, and will last until June 3. Only validators, the VIPs of the Sui network, can vote. The weight of their stake? Yeah, that determines how things go. The Sui Foundation kept its hands off this one. They stayed neutral, not even lifting a finger to sway the result. The goal? Reimburse those poor users who lost their fortunes in the hack. If the final approval comes through, a Sui upgrade will seal the deal by moving the frozen assets directly to a secure multisig wallet. Hold your breath!
Reactions? A Total Mixed Bag
When the recovery news hit, SUI’s price shot up by 7%. Traders were back on their feet, like people returning to a hot new restaurant after a scandal. SUI is currently trading at $3.68. Some cheer the swift recovery, while others, with their fingers tightly gripping their decentralization banners, complain about centralization creeping in. Freezing funds without wide community approval? Sacrilege! The debate rages on, but the recovery plan marches forward, no turning back now!
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FAQs
What happened to Cetus on the Sui blockchain?
Cetus, a DEX on Sui, got hacked on May 22, losing $223 million. Luckily, Sui validators froze $162 million, and a recovery plan is underway.
How will Cetus recover the stolen funds?
A community proposal passed to recover the frozen funds via a special transaction. The funds will be safely returned to Cetus through a multisig wallet.
How has the SUI token reacted to the recovery news?
SUI’s price jumped 7% after the recovery announcement, giving traders a short-term confidence boost.
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2025-05-28 11:57