A decentralized trading platform on the Sui
$3.37
network, Cetus
$17.16M
Protocol, is back online after a security issue in May led to a shutdown.
According to a June 7 post on Medium, the team is currently opening its code to the public and offering rewards for security assistance, with the aim of preventing similar incidents in the future.
Authorities in several regions have since become involved, and legal steps are underway. According to the Cetus team, the hacker has started trying to move the funds, but they believe recovery is still possible.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Crypto Fees Explained: How Not to Overpay? (Animated)
The team stated that they fixed the bug, updated the smart contracts, and ran security checks. As part of this process, they also adjusted pool prices to reflect correct values.
Funding for the recovery came from several sources. These included $7 million from the platform’s reserves, a $30 million loan in USDC
$0.9939
from the Sui Foundation, and some of the frozen assets taken back from the attacker.
Despite this, not every liquidity pool has been fully restored. Depending on the extent of the damage, recovery levels currently range from 85% to 99%.
Users affected by the attack are being compensated through a token distribution plan. Fifteen percent of the platform’s native CETUS token supply is being set aside. Five percent will be available immediately, while the remaining 10% will be released each month over a year, which starts on June 10.
On May 22, Cetus shared a recovery plan to return $162 million in frozen assets. What did the plan include? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
