Cetus moves $160M to safe wallet, eyes full protocol relaunch in week
Cetus begins recovery phase after transferring $160M to secure wallet
Cetus has moved $160 million of quarantined assets into a secure multi-signature wallet. The project team is now focused on restoring liquidity and restarting the protocol within a week.
Key Takeaways
- Last week, Sui ecosystem DEX Cetus was exploited for approximately $223 million in crypto.
- The team managed to freeze $160 million of the stolen assets. However, deciding their fate required a community vote, as centralized intervention would break blockchain governance principles.
- Ultimately, over 90% of validators voted in favor of restoring the frozen funds, paving the way for full platform recovery.
White Hat Bounty Didn't Work
Shortly after the exploit, the protocol offered the hacker a $5 million bounty in exchange for returning $56 million worth of tokens converted into ETH.
Negotiations failed, and Cetus, along with the Sui Foundation, shifted focus to asset recovery.The validator vote was decisive, with over 90% support leading to an early closure of the vote after just four days.
Transparency and Community Involvement
All transaction details are publicly available and verifiable via SuiVision.Cetus will host a public Twitter Space with the Sui community on June 2 to discuss the hack and roadmap. A Q&A session will follow.
One Week to Rebuild
In an update on X, Cetus reassured users that a safe and full protocol restoration is underway.
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“With funds secured, Cetus has officially entered the next phase of the recovery process. Our team is fully mobilized and working around the clock to execute the roadmap—from contract updates and liquidity recovery to preparing for the relaunch,” the team announced.
All affected liquidity providers will regain access to restored funds, while unrecovered losses will be compensated through a designated contract.
As we wrote, Cetus offers $5M to hacker after $223M DEX exploit
