After the severe attack causing a loss of 223 million USD on May 22, Cetus Protocol, a DEX built on the Sui blockchain, has officially "restarted" with a series of comprehensive remedial measures and a compensation plan for affected users. This move demonstrates Cetus's determination to restore trust and ensure the stability of the platform.
In an announcement on June 7 via Medium, just one day before the official relaunch, the Cetus team confirmed they had completely patched the vulnerability in the pricing mechanism, the direct cause of the attack. At the same time, all pricing data of the affected liquidity pools has been accurately restored. Concurrently, Cetus has also conducted security audits for the entire source code and updated the smart contracts to enhance its defense capabilities against future threats.
The Cetus team stated that they have been working hard to restore the platform's reliability. To recapitalize the affected liquidity pools, Cetus has added 7 million USD in cash from reserve funds, borrowed an additional 30 million USD from #SUIFOUNDATION , and used part of the assets recovered from the attacker. However, not all pools have been fully restored; the recovery rate currently ranges from 85% to 99%, depending on the extent of depletion from the hack.
To directly compensate affected users, $CETUS announced it would allocate 15% of the total supply of CETUS tokens for the compensation plan. Of this, 5% will be unlocked immediately, and the remaining 10% will be unlocked monthly over one year, starting from June 10, 2025.
An important step in Cetus's recovery strategy is the commitment to fully transition to open-source code. Cetus stated that making the source code public will be accompanied by a new white bounty program, aimed at encouraging community contributions in terms of technical and security aspects. Alongside this, Cetus is planning a comprehensive upgrade of the protocol monitoring system and will implement additional security audits in the near future.
Although they proactively proposed a 6 million USD white hat bounty immediately after the hack, conditional on the attacker returning the entire 20,920 $ETH (worth over 55 million USD) along with 162 million USD frozen on the Sui chain, the hacker still ignored the offer and is attempting to launder the money. However, the Cetus team confidently asserts: "The attacker has started laundering the assets, a futile act that can be fully traced. We believe that the arrest and recovery of the remaining assets is only a matter of time." Currently, legal proceedings have been initiated in various jurisdictions, with the active participation of law enforcement agencies.
Investing in cryptocurrency carries high risks due to significant price volatility. #anhbacong