Cetus Protocol, a decentralized exchange (DEX) built on the Sui blockchain, is back online after facing a massive hack in May. The attack caused a loss of about $220 million, but now the team is working hard to win back users’ trust and make the platform safer.

To do this, they’re making Cetus open-source, which means anyone can look at the code, help improve it, and help catch bugs before they become big problems.

What Happened in the Hack?

On May 22, a hacker found a bug in the pricing system of Cetus. This bug let them drain major liquidity pools, causing the huge $220 million loss.

Luckily, the team was able to freeze $162 million of the stolen funds before they were moved.

Before the attack, Cetus was doing very well, with over $5 billion in trading volume in both April and May.

How Did They Recover Funds?

In an update on June 7, the team shared how they worked to restore user funds:

• They used $7 million from their own cash reserves.

• The Sui Foundation helped with a $30 million USDC facility.

• Some stolen tokens were also recovered.

Thanks to these steps, most of the affected liquidity pools were restored, with 85% to 99% of funds recovered, depending on the pool.

Moving Toward Open-Source and Stronger Security

To avoid future attacks, Cetus is now making its code open-source. This means developers and security experts can look at the code, find problems, and suggest fixes. It’s a way to make the platform more secure and more transparent.

They’re also starting a “white bounty” program—a reward system for people who find bugs or help improve security.

Right after the hack, Cetus engineers worked non-stop to fix the bug, check all the data, and do full security audits.

Helping Users with CETUS Tokens

To help users who lost money, Cetus is giving out CETUS tokens—its own native token.

Here’s how the plan works:

• 5% of the total CETUS supply goes to users right away.

• The other 10% will be released slowly over the next 12 months, starting June 10.

This method lets users recover value without hurting the token’s price too much.

CETUS Token Price Drops

Since recovery started, the CETUS token has dropped more than 12% and is now priced around $0.11, according to CoinGecko. The drop may be due to uncertainty, but confidence could grow again if the team keeps delivering on its promises.

Legal Action and More Security Plans

Cetus isn’t just fixing things on the tech side. They’ve also started legal action in different countries, and law enforcement is involved in tracking down the attacker.

Even though Cetus offered the hacker $6 million as a white-hat bounty, the attacker has tried to hide the stolen money. But the Cetus team says those efforts are “futile and traceable.”

To further protect the platform, they’re planning stronger monitoring tools and more independent security audits.

What’s Next for Cetus?

The Cetus hack is a reminder that DeFi can be risky, but it also shows how a project can respond responsibly.

By restoring user funds, improving the system, and opening up to the wider developer community, Cetus is working hard to make a comeback.

The crypto world will be watching to see if Cetus can regain its place as a trusted DEX on the Sui network.