Shocking Comeback: Cetus DEX Rises from the Ashes of a $220 Million Heist! 💸

by

Well, well, well! Look who decided to make a grand entrance back into the crypto world! Sui Protocol’s very own decentralized exchange (DEX) Cetus has dusted itself off after a little $220 million hiccup last month. You know, just a casual day at the office! 😅 And guess what? They’re going open-source soon! Because who doesn’t love a little transparency after a heist? 🕵️‍♀️

💪 1st stage — back to the TOP 10 DEX list of all chains by daily trading volume. 🌊🌊#Cetus 🐳

— Cetus🐳 (@CetusProtocol) June 9, 2025

So, let’s rewind to May 22, when an attacker decided to play Robin Hood, but without the giving part. They exploited Cetus’ main liquidity pools and made off with a whopping $220 million! In a plot twist worthy of a Netflix series, the protocol froze $162 million of the stolen assets faster than you can say “oops.” Before the drama unfolded, Cetus was riding high with trade volumes soaring past $5 billion in April and May. Talk about a rollercoaster! 🎢

Fast forward to the weekend of June 7, and the Cetus team announced they’re going full-on open source. They also introduced a new white bounty program, because nothing says “we’re sorry” like asking for help from the community! 🙌

Sui’s Cetus Protocol Relaunches With 85-99% Recovery Rate

In their comeback tour, the Cetus team assured us they’ve patched up the software vulnerabilities that led to the hack. They’ve restored pool data to its former glory and conducted security audits. Because, you know, better late than never! 🔍

To refill those liquidity pools, they dipped into their piggy bank, using $7 million from cash reserves, snagged a $30 million USDC loan from the Sui Foundation, and even took back some of the loot from the attacker. Talk about resourcefulness! 💪

But hold your horses! They couldn’t fully restore all pools. Recovery rates are hanging out between 85% and 99%, depending on how much each pool was drained. It’s like a game of “how much can we save?” 🎮

And the chase isn’t over! The Cetus team is still on the hunt for those funds, launching legal proceedings and getting law enforcement involved. They said:

“The attacker ignored our previous white hat offer and has begun attempting to launder assets — a futile and traceable act. We are highly confident that successful arrest and recovering the remaining assets is only a matter of time.”

Cetus Has Its Own Compensation Plan for the Victim

To make amends with the affected users, Cetus has set aside 15% of its native token supply, CETUS, for a recovery plan. They’re giving out 5% immediately, and the rest will be doled out monthly over the next year. Because who doesn’t love a good waiting game? ⏳

But here’s the kicker: the CETUS token is still feeling the heat, trading at $0.1193 as of now, with daily trading volumes dropping 17%. After the hack, they even offered a white hat bounty of up to $6 million to the attacker, begging for the return of the stolen 20,920 Ether. Because nothing says “please come back” like a cash reward! 💰

ETH
$2,509

24h volatility:
0.3%

Market cap:
$302.76 B

Vol. 24h:
$12.13 B

Read More

2025-06-09 15:22