Cetus Reveals Recovery Plan, Taps SUI for Bridge Loan
Cetus has initiated a recovery plan following a $223 million exploit in the Sui ecosystem, seeking community approval to reclaim $162 million in frozen funds from hacker-controlled wallets through a protocol-level upgrade. A community vote, open for up to seven days, will determine if the upgrade is authorized. The Sui Foundation has provided code for the vote, allowing Sui validators and holders to participate. Cetus has secured a loan from the Sui Foundation to cover stolen assets, enabling full recovery for affected users. The exploit was due to a flaw in the DEX's automated market maker and oracle logic. As of early Wednesday, 37.3% of votes were "yes," with no "no" votes recorded. If approved, funds will be transferred to a multisig wallet controlled by Cetus, OtterSec, and the Sui Foundation. Blockchain analytics confirmed that $61.5 million of stolen funds has been bridged to Ethereum, while the remainder is still frozen on Sui. SUI's price increased by 6.9% following the incident.
