Cetus Relaunches After $200 Million May Hack
Cetus Protocol, a decentralized exchange on Sui, plans to become open-source following a $220 million exploit in May. An attacker exploited a pricing flaw, draining tokens from major liquidity pools. Cetus froze $162 million of the stolen funds shortly after the incident. Trade volume reached over $5 billion in April and May before the shutdown. The protocol has replenished liquidity pools using $7 million in cash reserves, a $30 million USDC loan from the Sui Foundation, and some recovered assets. Recovery rates for affected pools range from 85% to 99%. A compensation plan allocates 15% of the native token supply, CETUS, for affected users. Legal actions are underway to recover remaining funds, with law enforcement involved. The attacker is reportedly attempting to launder assets. The CETUS token has decreased over 12% in value recently.
