VICTORIA Crypto!
The Community #SUİ VOTES to RECOVER $162 MILLION from #Hack of #Cetus
A historic precedent in the fight against DeFi attacks?
In an unprecedented show of community action, the network community #sui has overwhelmingly approved an on-chain governance vote to recover the stolen funds from the Cetus Protocol exploit.
Following the massive hack of $223 million last week, Sui validators managed to block and freeze approximately $162 million in tokens that were in two addresses of the attacker.
Massive Community Approval: The governance vote to unlock the stolen assets received a resounding 90% approval from Sui community voters.
Recovery Mechanism: According to the approved plan, Sui validators will transfer these frozen funds to a multi-signature trust that will be jointly controlled by Cetus, the blockchain security company OtterSec, and the Sui Foundation. This will be done through a network update.
Commitment to Compensation: Cetus plans to implement a dedicated compensation contract to manage the distribution of the recovered funds to affected users.
Security Enhancements and Restart: The DEX will also introduce an emergency fund recovery feature in its Concentrated Liquidity Market Maker (CLMM) infrastructure. Cetus aims for a full recovery and restart in approximately one week, restoring data and resuming all suspended functions.
