Cybercriminals Successfully Strike Sui, Inteningsifying Security Measures: Cetus Allocates $162 Million to Reinforce Digital Wallet Following $223 Million Heist.
Cetus Protocol, a digital asset trading platform built on the Sui blockchain, has provided an update on its recovery plan following a significant hack that resulted in the theft of approximately $223 million. The platform has managed to secure a substantial portion of the stolen assets for safekeeping.
Cetus announced that it has transferred $162 million of the frozen stolen funds to a secure, multi-sig trust wallet. This wallet is controlled by three entities: Cetus, the Sui Foundation, and OtterSec, a security firm known for its focus on digital asset safety. The Sui community unanimously approved this move in a voting process, emphasizing the importance of safeguarding the funds temporarily until they can be returned to their rightful owners.
In terms of next steps, Cetus plans to update its smart contracts, rectify data issues in its trading pools, and prepare for a complete platform restart. The platform's ultimate goal is to ensure everything is secure and users' trust is fully restored. To that end, Cetus will establish a dedicated system for returning any remaining funds owed to users, ensuing fairness and equality for all.
On June 2, 2025, Cetus will host a public discussion on Twitter Spaces, an initiative aimed at fostering open communication and collaboration with its users. During the event, the firm will provide updates on its recovery efforts and address any questions from the community. More specific details regarding the event's time will be shared at a later date. This public interaction underscores Cetus' desire to maintain transparency during these challenging times.
The Sui community, which operates on the same blockchain as Cetus, has shown unwavering support throughout this ordeal. The collaborative efforts between Cetus, the Sui Foundation, and OtterSec demonstrate how decentralized finance platforms can effectively tackle challenges, such as hacks, by working together. This incident could serve as a valuable example for other DeFi platforms seeking guidance on handling crises.
Cetus Protocol, in its recovery plan following a significant hack, has moved $162 million of the frozen stolen funds to a secure, multi-sig trust wallet, controlled by Cetus, the Sui Foundation, and OtterSec, a security firm known for digital asset safety. In the future, Cetus aims to invest this funds back into its platform, utilizing advanced technology to strengthen its blockchain-based finance system, including decentralized finance (DeFi) and investing opportunities.
