Cetus Reveals Recovery Plan, Taps SUI for Bridge Loan

Six days after the explosion of $ 223 million shook the SUI ecosystem, a decentralized Exchange Cetus announced an initiative to recovery that would overpower wallets under the control of the protocol level if the community approved it.

Voting will determine whether $ 162 million in frozen means It can be strongly returned from the striker wallet through an upgrade at the protocol level as part of Cetus’s “larger recovery plan”.

“Using our Cash and Token Treasury, we are now able to completely cover the stolen property right now out of chain,” Cetus twitter Tuesday. “This includes a critical loan from the SUI Foundation, which is possible from 100% recovery for all affected users.”

Recovery plan followed recently Attack on Cetus This exploited defects in Dex’s automated market manufacturer and Oracle’s logic, enabling Hackers to exhaust the pool of liquidity pool throughout the network.

AND Community votingLaunching at 1:00 pm on May 27 and open until seven days, will decide whether to approve the upgrade of a protocol that regrets freezing funds without a hacker signature.

If approved, the assets will be moved to the 4th-6-6 multisig wallet controlled by Cetus, the Otterec and the SUI Foundation, according to A statement of sui.

Sui owners can delegate their share to validators who vote “yes”, “no” or “restrained”. Own share of the Foundation is excluded to preserve neutrality.

The upgrade will only pass if over 50% of the total share and the majority voices participate in favor.

From early Wednesday morning, 37.3% voted “yes”, and zero votes “no” were recorded. The remaining 62.7% of the vote was not invested.

The vote can be closed early if the result becomes mathematically determined after the initial 48-hour period.

If passed, the upgrade of the protocol will allow the captions to make the address to perform exactly two transactions, one for each wallet under the control of the hacker. These transactions will transfer funds to a multisig wallet.

Cetus explosion occurred due to critical flaws in the overflow protection, where the defective shortening check allowed the attackers to bypass the protective measures and manipulate the calculation of liquidity, according to A Post-M) report From the Blockchain Dedaub security company.

Blockchain Analytical Company Peckshield confirmed last Thursday that $ 61.5 million was stolen in USDC He has been bridged since then Ethereum; The rest remains frozen on the sui.

Sui (Sui) rose by 6.9% in the last 24 hours, to $ 3.70 after dropping abruptly from $ 4.18 to $ 3.82 in the immediate after -exploitation of Cetus, Coingecko data shows.

Edited Sebastian Sinclair