- Cetus Hack of $ 220 million led to rapid action, freezing $ 162 million and offered a $ 6 million gain for recovery.
- Cetus struggled with recovery challenges, offers rewards and sought community support as stolen means remain at risk.
A brave attack on the decentralized exchange scetus on May 22, with over $ 220 million, which was sipped off in minutes.
But the story didn’t end there.
The Cetus team quickly froze $ 162 million in stolen assets and offers a $ 6 million white hat cost to recover more.
The protocol is now conducting recovery through a community vote and direct negotiations with the attacker.
What we know
On May 22, Cetus fell – a decentralized exchange built on – the victim of a massive cyberattack that saw over $ 220 million in digital assets sipped.
Within a few hours, however, the team is in collaboration with the Sui Foundation, successful Freeze $ 162 million of the stolen funds.
Source: Cryptoquant
By utilizing the decentralized validator network, which chose to block transactions from flagged addresses, the attack was partially neutralized.
The road to recovery
Cetus has presented a recovery of double tracks Plan for the remaining stolen funds. The protocol offers a $ 6 million white hat cost to the hacker in exchange for secure return of the assets.
Source: Cetusprotocol.com
The Cetus team is requesting a vote on the chain from the SUI community to approve the recovery of $ 162 million that is still frozen.
At the same time, they work to track and recover assets bridged, mainly to Ethereum, by collaborating with external partners.
Cetus fights doubt and data when recovery extends on
While Cetus claims to work around the clock to restore the operations, users remain in limbo.
The protocol’s aggregate service is back online, but core liquidity pools are still undergoing extensive data recovery.
The team says it devotes all resources to finance recovery, negotiate with the hacker and coordinate a board for governance with SUI validators.
“We are completely engaged in doing everything within our power to strive for Maximum possible recovery of the users’ liquidity funds concerned. “
The team added,
“Cetus will mobilize all available financial resources for the protocol to restore as much as we can, with the final goal of covering user loss to the greatest extent possible.”
Nevertheless, frustration remains due to unclear communication and the absence of concrete timelines.
Cetus has promised full transparency, but only after internal adjustment has been reached.
At the same time, concerns about compensation and recovery of user funds remain unresolved. This increases the pressure on the team to give more than just insurance and give concrete results.
