$160M in Cetus Exploit Funds Moved to Multisig Wallet
The post $160M in Cetus Exploit Funds Moved to Multisig Wallet appeared on BitcoinEthereumNews.com.
$160M in hacked funds were moved to a multisig wallet after the Sui community vote approval. Cetus targets full protocol recovery within one week, including CLMM upgrades. Compensation contract and asset rebalancing are underway as investigations continue. A week after a security breach hit the Cetus protocol, a community-led recovery initiative has resulted in the secure transfer of approximately $160 million in frozen funds to a multisig wallet. The funds, linked to the recent exploit, are now jointly managed by Cetus, the Sui Foundation, and blockchain security firm OtterSec. This marks a significant step in the recovery process initiated through an on-chain vote, which was supported by over 90% of validators and stakers on the Sui Network. The recovery process began with a formal proposal from Cetus requesting a community vote to recover assets held on-chain. The Sui Foundation deployed a voting mechanism that allowed validators and SUI token holders to participate. According to the Sui Foundation, 90.9% of validators voted in favor of the upgrade, enabling the transfer of the quarantined funds to a secure, multisig trust wallet. To ensure a decentralized process, the foundation clarified that its own staked tokens were excluded from the vote. However, participants were encouraged to delegate stake to validators aligned with their preference, and validator choices were made available through public dashboards. Roadmap for Full Protocol Recovery Cetus has outlined a detailed plan to fully restore the protocol within a week. This includes a completed upgrade to its core CLMM (concentrated liquidity market maker) contract, which is now undergoing audit. Restoration of pool data is underway, with the goal of calculating liquidity losses tied to the incident. The attacker’s use of multiple swaps altered the structure of the original assets. Cetus plans to convert the recovered assets based on a strategy that minimizes…
