The Sui network has released a post-mortem report of what caused the $260 million Cetus hack, which shook its ecosystem last week. As part of the report, the network also announced plans to boost security, a move which is bullish for the SUI price.
Sui Provides Report On The Cetus Hack
In an X post, the network revealed that the root cause of the Cetus incident was a bug in the protocol’s math, rather than a vulnerability in Sui or the Move programming language, which the network adopts for smart contracts. Sui remarked that the impact on users is the same and noted the need to take a holistic perspective to support the ecosystem’s security.
As we previously reported, the network’s largest decentralized exchange (DEX) and liquidity provider, Cetus Protocol, suffered a $223 million crypto hack last week. The network was able to freeze $162 million while Cetus put out a $6 million bounty to recover the remaining $60 million worth of stolen funds.
As part of efforts to boost the network’s security, Sui has committed to spending an additional $10 million on security initiatives. The network plans to spend these funds on audits, bug bounty programs, and formal verification. The team plans to collaborate with the developer community to finalize these security plans.
The report also noted that the network was built specifically to enable more secure smart contract development, which makes the first major incident for a dApp a “deeply sad” one for the team.
The team further remarked that this incident forms part of a coming-of-age moment, which “every major blockchain has unfortunately experienced,” since no system design or programming language can stop humans from writing bugs.
As such, the Sui team has called on community members to work together to learn from the incident, harden important code on the network, and help builders take necessary steps to emerge stronger.
At the time of writing, the SUI price is trading at around $3.46, down almost 2% in the last 24 hours. The trading volume is also down during this period, with $907.62 million traded.
