Altcoins News
By MikeT
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What Happened in the Hack?. On May 22, a hacker found a bug in the pricing system of Cetus.
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How Did They Recover Funds?. In an update on June 7, the team shared how they worked to restore user funds:
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Moving Toward Open-Source and Stronger Security. To avoid future attacks, Cetus is now making its code open-source.
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Helping Users with CETUS Tokens. To help users who lost money, Cetus is giving out CETUS tokens—its own native token.
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CETUS Token Price Drops. Since recovery started, the CETUS token has dropped more than 12% and is now priced around $0.
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Legal Action and More Security Plans. Cetus isn’t just fixing things on the tech side. They’ve also started legal action in different…
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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…
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Cetus Protocol, a decentralized exchange (DEX) built on the Sui blockchain, is back online after facing a massive hack in May.
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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.
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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.
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Luckily, the team was able to freeze $162 million of the stolen funds before they were moved.
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Before the attack, Cetus was doing very well, with over $5 billion in trading volume in both April and May.
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They used $7 million from their own cash reserves.
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The Sui Foundation helped with a $30 million USDC facility.
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Thanks to these steps, most of the affected liquidity pools were restored, with 85% to 99% of funds recovered, depending on the pool.
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