Cetus Recovers $160M, Plans Relaunch Amid Token Drop
Key Takeaways
- Following a hack, Cetus has recovered approximately 160 million USD.
- The funds have been secured in a multi-signature (multisig) wallet.
- The community approved the recovery plan with over 90% support.
- A public discussion with the community is scheduled for June 2.
- Despite progress, the CETUS token continues to experience significant losses.
Background: The Cetus Hack
Cetus, a protocol within the Sui ecosystem, recently fell victim to a major hack. Approximately 160 million USD worth of digital assets were stolen. The incident caused significant uncertainty within the community and led to a loss of trust in the project.
Recovery of Stolen Funds
After thorough investigations and close collaboration with security firm OtterSec and the Sui Foundation, Cetus was able to secure the stolen funds. The assets were transferred to a multi-signature wallet. This type of wallet requires multiple keys to authorize transactions, significantly enhancing security.
Community Involvement
A key element of the recovery process was an on-chain vote. In this vote, 90.9% of participating stakeholders approved the proposal to transfer the compromised funds to the secured wallet. The high level of participation and support demonstrates the community’s trust in Cetus’ actions.
Next Steps in the Recovery Process
Cetus has announced that it is now entering the next phase of recovery. This includes:
- Technical upgrades to smart contracts
- Restoration of liquidity
- Preparations for the protocol relaunch
According to the team, they are working around the clock to implement the recovery plan.
Transparent Communication with the Community
To regain trust, Cetus plans to hold a public discussion on the platform X (formerly Twitter) on June 2. During this session, details about the security incident will be disclosed and questions from the community will be addressed. The exact time has not yet been announced. This approach highlights Cetus’ commitment to transparency and open communication.
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Market Conditions Remain Tense
Despite recovery progress, the market response remains negative. The CETUS token dropped 7.19% in 24 hours to 0.1329 USD. Over the past week, the decline amounts to 17.87%, and over the past month, 38.46%. The SUI token also saw a daily loss of 9.15%, currently trading at 3.15 USD. These losses indicate that confidence in the project has not yet fully returned.
Our Assessment
The swift recovery of stolen funds and active involvement of the community are encouraging signs. Cetus is demonstrating a professional response to the crisis and taking security seriously. The use of a multi-signature wallet and public communication efforts help to rebuild trust. However, the market remains cautious for now. As a user or investor, it’s advisable to closely monitor upcoming developments — particularly the technical implementation of recovery measures and market reactions following the planned relaunch.
Sources
- CoinMarketCap
- Sui Foundation
- OtterSec
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