Cetus exploit: Sui Foundation’s plans for a ‘100% recovery’ entails…
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Sui Foundation backs Cetus with a loan to enable full user reimbursement post $223M hack. Nasdaq files for Sui ETF, signaling institutional confidence and potential retail revival. The Cetus protocol is at the center of ongoing headlines following a devastating exploit that led to a $223 million loss. Sui Foundation and its recovery plan In a swift move to stabilize the situation and restore user trust, the Sui Foundation has stepped in with a secured loan to support full user reimbursement. This financial backing, combined with Cetus’ treasury, is part of a broader recovery framework designed to address the breach’s fallout. The foundation’s aid specifically targets losses stemming from assets bridged off the Sui network. The post noted, “Using our cash and token treasuries, we are now in a position to fully cover the stolen assets currently off-chain if the locked funds are recovered through the upcoming community vote. This includes a critical loan from the Sui Foundation, making a 100% recovery for all affected users possible.” Community reactions Reacting to the steps taken, an X user said, “finally some good news for memecoins on sui!.” Echoing a similar sentiment, Samuel Xeus, Founder of The Nirvana Academy, added, Source: Samuel Xeus/X Can a community vote really unlock millions? Thus, as Cetus positions for a full recovery, the final step now hinges on a community vote to unlock additional funds and ensure affected users are made whole. A pivotal community vote, launched on the 27th of May, will determine whether a protocol upgrade can proceed without requiring the hacker’s signature to reclaim frozen assets. If the proposal is approved, the retrieved funds will be transferred to a 4-of-6 multisig wallet overseen by Cetus, OtterSec, and the Sui Foundation. In this governance process, SUI holders play a key role by delegating their…
