Nearly 91% of validators on the Sui blockchain have approved a recovery proposal aimed at addressing damages from the recent hack of the decentralized exchange Cetus. The initiative will securely transfer affected funds into a multisig wallet, paving the way for user reimbursements.

✅ Strong Consensus Ends Voting Early

An on-chain vote involving validators and stakers was closed several days ahead of schedule due to overwhelming support. Over 90% of voters backed the protocol update, which allows the transfer of frozen funds into a jointly managed multisig wallet.

Voting power was determined by the amount of stake each participant held. Notably, the Sui Foundation abstained from voting to maintain fairness in the governance process.

🔄 Multisig Wallet: The Key to Restitution

The locked funds will be moved into a multisig wallet governed by three trusted entities: Cetus, the Sui Foundation, and security firm OtterSec. Their role is to safeguard the assets until they can be fairly redistributed to affected users according to the recovery roadmap.

🔧 Cetus Releases Transparent, Audited Recovery Plan

Cetus has revealed its post-hack strategy. Once the protocol update is complete, the following steps will be taken:

🔹 Assess liquidity losses across affected pools

🔹 Carefully convert assets to reduce further market disruption

🔹 Launch a new, security-enhanced CLMM contract

🔹 Deploy a compensation mechanism for liquidity providers

All new contracts will undergo independent auditing before going live. Cetus is also preparing to restart the protocol, which will allow users to access their funds—with some pools potentially restored within days.

🤝 Community-Led Crisis Management

The Cetus recovery process showcases effective decentralized governance in action. The Sui Foundation praised validators and stakeholders for their rapid response and transparent collaboration during the crisis.

“Regardless of your vote, your participation is a step forward toward resolution and a shared future,” said Cetus representatives.




#sui , #Cetus , #CryptoNewss , #SuiNetwork , #CryptoHack

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