Cetus Protocol Hacked: Major Update Marks Trading Comeback

Cetus Protocol Recovers After Hack With Sui Trading Update & Vote

Cetus Protocol is back! Now, users can trade smoothly with deep liquidity across the Sui network. You can swap right from the Cetus app or through its partners.

Right now, some routes like CLMM are still paused, but they’ll be back soon and stronger than ever. Its aggregator is fast, simple to use, and works across different platforms.

Source: X

CLMM lets users focus their funds where most trades happen. This helps them earn more. With high speed and easy setup, Cetus Protocol makes crypto trading better for everyone on the blockchain.

What Happened on May 22?

The largest decentralized exchange, was recently hacked. Over $223M was stolen from the pool. Prices dropped sharply, and the DeFi space on blockchain took a major hit.

Sui is a blockchain that helps people make fast and safe transactions using smart contracts. The exchange had over $200 million and around 10 million users before the attack. Even after the attack, Cetus Protocol kept fighting back. The team froze what they could and started recovering stolen finances. To earn back trust, the DEX asked the community to vote on a plan. The vote passed fast. The funds were moved into a wallet that needs three trusted groups to unlock it, no one can touch it alone.  

• Hack Detected: Millions were stolen from the USDC pool.

• Market Effect: SUI token price dropped over 75%.

• Root Cause: Bug in a math library used by DEX's smart contracts.

• Emergency Freeze: Funds on  blockchain were quickly immobilised.

• Funds Lost: Hackers successfully managed to convert and withdraw $60M.

• Emergency Tools: Whitelist and restore module activated to recover assets.

• Bounty Announced: The organization offered $6M to the hacker for a whitehat deal.

• Investigation Support: Sui Foundation and Inca Digital announced a $5 million reward for hacker info.

• Community Vote: 90.9% voted to move $160 million frozen funds to a multi-signature wallet.

• Wallet Control: Managed by exchange's Protocol, the Foundation, and security firm OtterSec.

• Safety First: No past blockchain data was changed to keep trust strong.

Market Impact:

The recent update does not have much positive impact on Sui, its price has deescaled to $3.23, indicating sharp decline of 2.07% reducing the market capitalisation to $10.99B 

Source: CoinMarketCap

On the other hand, the Volume of Cetus Protocol has increased by 33.12%, still the price, $0.1311 is showing decline of 3.36% affecting its market cap of $95.08 million. 

Source: CoinMarketCap