Cetus Protocol Drama: Frozen Funds, Bold Fixes and Big Promises

Cetus Protocol Shares Recovery Plan and Next Steps After Breach

After a recent security problem, well-known DEX, Cetus Protocol has shared an easy-to-understand update with its community. They discussed frozen funds, how they are trying to get the money back, and what will happen next. The team wants everyone to know they are working hard to fix the issue and help people trust them again.

Funds Affected, But Recovery Is Underway

Some funds were affected, but the Cetus Protocol team is already working to get them back. There are two groups of money: one still on the Sui blockchain and the other moved to other places like Ethereum. The money on Sui has been frozen with help from the Sui team. The 

The team is also talking to others and looking into ways to recover the money that left the system.

The famous liquidity protocol is currently pursuing two main recovery strategies:

1. Securing an on-chain community vote on Sui to unlock the frozen funds.

2. The team said they will have whitehat talks with the hacker to try and fix things the right way. If they find out who the hacker is, they might also take legal action.

They promised to share more news as they make progress.

Even though there was a problem, the exchange’s aggregator service is already back online. People can still swap tokens using partners like Phantom and Binance Alpha. This part of the system works on its own, so it doesn’t need the other parts that are still being fixed.

The CLMM pools that weren’t hurt by the problem will start working again soon. Teams are working hard to fix the data so users can safely check and use their accounts again.

Communications Delay Explained

Cetus Protocol acknowledged the delay in issuing a comprehensive announcement, explaining that internal discussions with the Sui Foundation and other stakeholders are ongoing. The group said it’s important to work together and talk clearly. They also said all updates will be helpful and made with the community in mind.

Contrary to rumours of inactivity, the Cetus Protocol team clarified that recovery operations have been their highest priority since the incident occurred. Engineers and developers have been working non-stop to fix pool data, plan how to balance assets and work with other teams in the system.

The Cetus Protocol confirmed it is designing several recovery and compensation models. The aim is to recover and redistribute as much value as possible to affected users through technically sound and fair mechanisms.

The team guaranteed to keep working diligently to return users' money and build the platform steady again. They will use their money wisely to help with the recovery, depending on what they find out and what the community decides.

Cetus Protocol also called on Sui validators to start the essential governance processes to release frozen assets, urging swift cooperation for the benefit of the broader ecosystem.

Market Impact

The impact of the above updates has not affected the price of Sui positively, no major recovery signs are being observed on coinmarketcap. The current price is $3.63 which came down by 0.11% and the market cap of $12.13B lowered by 0.04%. 

Source: Coinmarketcap

To Conclude...

Cetus Protocol has complemented its users for being patient and trusting them during difficult times. The DEX stated they will keep being honest, responsible, and focused on giving safe and dependable services. As things get better, users will get more updates and see the team working hard to fix everything.