Community Steps Up to Save $162M in Cetus Hack Recovery 👍🏻
So, $CETUS , a decentralized exchange on the Sui blockchain, got hit hard by a $220M hack last week, but they managed to freeze $162M of the stolen funds. Now, the Sui community is voting to decide if they can recover those funds and return them to affected users. The vote, happening through Sui validators and token holders, is part of a bigger plan that includes tapping into Cetus’s treasury and getting an emergency loan from the Sui Foundation. If it passes (voting ends June 3), the funds will be held in a secure account until returned. Right now, over half the validators are on board, but it’s still close!
This is pretty exciting stuff! It’s cool to see the community pulling together to fight back against a hack, and the quick freeze of funds shows Sui’s got some solid security moves. The loan from the Sui Foundation could be a game-changer to make everyone whole again, which is awesome for user trust. That said, some folks are worried about centralization risks with validators having that freeze power—valid point, but I think the rapid response outweighs that for now. Fingers crossed the vote goes through, and we’ll see how it plays out by 1:00pm PT today when the dashboards drop!
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