The crypto world was rocked in May 2025 as hackers made off with a staggering $244.1 million across 20 major incidents. ๐จ While that number is alarming, it's actually 39% lower than the $400M+ lost in April. Still, May proved that Web3 remains a high-stakes battlefield. โ๏ธ๐ฐ
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๐ฅ The Cetus Protocol Exploit โ $223M Vanishes!
The biggest blow came from the Cetus Protocol, a decentralized exchange (DEX) running on the Sui blockchain. ๐ Hackers exploited a vulnerability in Cetusโ smart contract overflow checks, draining $223 million in mere moments. ๐งจ๐
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๐ก๏ธ The Fightback: $157M Recovered!
But all hope wasnโt lost. Thanks to swift action by Sui validators and the Cetus team, about $157 million of the stolen funds were frozen and clawed backโan impressive 71% recovery rate! ๐ง๐ผ
With community support, $162M worth of these recovered assets will be transferred to a multi-signature wallet jointly managed by Cetus, the Sui Foundation, and blockchain security firm OtterSec. ๐ณ๏ธ๐
This wallet will oversee the safe reimbursement of affected users and help restore Cetusโ operations. ๐๐ธ
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๐ฏ Bounty Offered: Will the Hacker Take It?
In a bid to recover the rest, Cetus has offered the attacker a $6 million white-hat bounty ๐ฐ๐ต๏ธโโ๏ธโa common tactic in crypto circles to encourage the safe return of stolen assets. So far, thereโs been no response.
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๐ May in Perspective
Despite the drama, the total amount hacked in May 2025 is significantly less than previous months, a sign that DeFi platforms may be slowly learning from past attacks. ๐โ
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๐ Final Thoughts
The Cetus hack is a wake-up callโbut also a testament to how fast and united a community can respond. ๐ฅโก With tighter security, better audits, and community-driven protocols, the future of DeFi can still be bright. ๐๐ #CryptoNews #DeFiSecurity #BlockchainUpdates #CryptoHack #SuiNetwork $SUI