The Sui community has approved a governance proposal to recover 162 million dollars in frozen assets following the Cetus exploit.
The exploit, which took place on May 22, resulted in the theft of over 220 million dollars in digital assets from the decentralized exchange Cetus. However, the Sui validators acted quickly, managing to freeze 162 million dollars shortly after the incident.
In a recent governance vote, the recovery proposal received overwhelming support with a 90.9% approval rate from the Sui validators. The approved plan states that the affected funds will be transferred to a multi-signature wallet and held in custody. These funds will remain under custody until they can be safely returned to the users affected by the exploit.
Cetus aims for a complete recovery and a restart of its operations within a week. As part of this process, a dedicated compensation contract is being developed, which will undergo a thorough audit before its implementation.
The incident and the subsequent response from the Sui community have sparked a debate about the role of validators in such situations. Some community members have expressed concerns about the centralization aspect of fund freezing by the validators, while others have praised the swift response and decisive action taken to mitigate the damage from the exploit.
And what do you think?
