Cetus Protocol Moves Forward with Recovery After Hack
The post Cetus Protocol Moves Forward with Recovery After Hack appeared on BitcoinEthereumNews.com.
Key Takeaways: Cetus Protocol, a major trading platform on the Sui blockchain, is recovering after a big hack on May 22, 2025, where over $220 million was stolen. A large part of the stolen money, about $162 million, was quickly frozen by people running the Sui network. The Sui community voted (90.9% yes) to move these frozen funds to a safe multi-signature wallet. This special wallet is managed together by Cetus Protocol, the Sui Foundation, and the security company OtterSec for safety. Cetus Protocol has a full plan to get back on track, using its own money, a loan from the Sui Foundation, and a promise to pay back all affected users. The platform hopes to be fully recovered and running again about one week after the community vote. A Major Hack Hits Cetus Protocol Cetus Protocol, an important decentralized exchange (DEX) on the Sui blockchain, suffered a serious security problem. Attackers managed to take over $220 million in different types of digital money. This event worried many users and the wider digital currency community. The hackers found a weakness in the platform’s smart contracts, which are like digital agreements that control how trading pools work. They tricked the system into letting them take out large amounts of money after putting in only a little. The stolen funds included SUI tokens, stablecoins like USDC, and other tokens, some of which lost value quickly as they were drained. Quick Action Freezes Stolen Funds Despite how bad the attack was, there was some good news. People who help run the Sui network, called validators, acted fast. They managed to freeze about $162 million of the stolen digital money soon after the hack was discovered. This quick response was very important because it stopped those funds from being lost forever. Community Votes to…
