🚨 Urgent: The Cetus Protocol on Sui Announces a Recovery and Relaunch Plan After a $223 Million Exploit! 🚀
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💸 Massive Exploit:
The Cetus Protocol, one of the largest decentralized exchange (DEX) platforms on the Sui blockchain, suffered a massive exploit on May 22, 2025, amounting to $223 million.
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🛡️ Rapid Response and Recovery:
Thanks to the quick response of Sui network validators, $162 million of the stolen funds were frozen. Validators agreed through community voting on a plan to return the funds, and Cetus pledged full compensation to all affected users through recovered funds, its reserves, and a loan from the Sui Foundation.
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🔄 Imminent Relaunch:
The Cetus team is working on an eight-step plan to fully relaunch the platform, which is expected to take place within a week from May 29, following updates to the smart contracts and data recovery.
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📌 Significance:
This incident highlights security challenges in DeFi, but the rapid response, community voting for fund recovery, and the promise of full compensation showcase the resilience of the community and its ability to recover from major crises.
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