You Won’t Believe How Cetus Is Bouncing Back After the Exploit – Open Source & Rebirth!

Oh, Cetus Protocol, the Sui-native darling that took a $220 million nap in May, is back. And no, this isn’t a Disney sequel—it’s real life, with a twist of chaos and a sprinkle of hope. They’re now working on going open-source, probably to share the love (and maybe lower their stress levels). 😅

Picture this: An attacker sneaks in with a faulty pricing trick, draining tokens faster than you can say “liquidity crisis”—to the tune of a cool $162 million frozen shortly after. Classic. But hey, Cetus managed to freeze most of the loot. Show-offs. 🎩💸

Before the attack, trade volumes were hotter than your morning coffee—over $5 billion in April and May. Then, poof! Everything shut down faster than a bad date. But the protocol’s not giving up just yet.

Cetus’ liquidity pools get a makeover—thanks to loans, reserves, and a dash of desperation

On June 7, right before their dramatic relaunch, the Cetus team announced they’re going full open-source. It’s like giving the keys to your jittery car to everyone—plus a shiny new white bounty, because why not? They’re inviting the tech community to fix their messes and keep them safe. 🚀

They worked around the clock (probably fueled by caffeine and panic), patched vulnerabilities, restored data, and? Yep, got security audits on everything that moved. Think of it as a techie slap on the wrist, but with code.

To patch things up, they threw in some cash—$7 million reserves, a $30 million USDC loan from the Sui Foundation, and a little bit of recovered assets. Not all pools made it back to 100%, but hey, 85-99% recovery? Not too shabby for a digital crime scene. 🏦

Tokens, tears, and compensation—oh my!

As a consolation prize (and maybe a peace offering), Cetus is setting aside 15% of its native CETUS tokens for their users. 5% goes instantly; the rest gets unlocked slowly—because patience is a virtue, especially when your token’s down 12% and trading at $0.11. 💔

Plus, they’re planning to upgrade their monitoring system and do even more security audits—because who doesn’t love a good security check? 🛡️

The hunt for the bad guys continues—lawyers and law enforcement included

Cetus isn’t just sitting around—oh no—they’ve launched legal proceedings in multiple countries. La-la-la, la-la-law! The attacker ignored their generous white hat offer (seriously, $6 million if they returned the ETH and frozen funds). Now it’s personal—they’re confident they’ll catch the culprit eventually. 🕵️‍♀️

Meanwhile, they’re actively chasing the stolen assets, because in crypto, the wild west never really ends. The digital trail is hot, and Cetus is on it, with law enforcement hot on their heels. 🚓

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2025-06-09 05:59