Sui passess vote on Cetus' $162M frozen from exploit
Summary
Sui validators approved a governance proposal to return $162 million in frozen assets linked to the Cetus exploit, which resulted in over $220 million in losses on May 22. The recovery proposal received 90.9% approval in a vote on May 29. The frozen funds will be moved to a multisig wallet for user repayment as per Cetus's recovery plan. The decision sparked debate on the role of validators in freezing on-chain funds, with mixed reactions from the crypto community. Cetus plans to restart operations and achieve full recovery within a week, implementing upgrades to transfer funds and restore data. A compensation contract is being developed for liquidity providers to recover losses.
