A decentralized trading platform on the Sui
$18.89M
Protocol, is back online after a security issue in May led to a shutdown.
According to a June 7 post on Medium, the team is currently opening its code to the public and offering rewards for security assistance, with the aim of preventing similar incidents in the future.
Authorities in several regions have since become involved, and legal steps are underway. According to the Cetus team, the hacker has started trying to move the funds, but they believe recovery is still possible.
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The team stated that they fixed the bug, updated the smart contracts, and ran security checks. As part of this process, they also adjusted pool prices to reflect correct values.
Funding for the recovery came from several sources. These included $7 million from the platform’s reserves, a $30 million loan in USDC
Despite this, not every liquidity pool has been fully restored. Depending on the extent of the damage, recovery levels currently range from 85% to 99%.
Users affected by the attack are being compensated through a token distribution plan. Fifteen percent of the platform’s native CETUS token supply is being set aside. Five percent will be available immediately, while the remaining 10% will be released each month over a year, which starts on June 10.
On May 22, Cetus shared a recovery plan to return $162 million in frozen assets. What did the plan include? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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