When Life Gives You Lemons, Make a Multisig Trust! 🍋💰

In a rather dramatic turn of events, the beleaguered Cetus Protocol, recently the victim of a most unfortunate hack, took to the digital ether known as X to regale its users and the wider public with tales of its valiant efforts to reclaim the pilfered funds. With a flourish, it announced that an on-chain vote had granted it the green light to transfer the quarantined funds into a multisig trust account. Ah, the joys of modern finance! 🎩

Cetus Recovery Proposal Receives Support Through On-chain Vote

Our dear Cetus Protocol, a decentralized exchange (DEX) native to the Sui blockchain, found itself in quite the pickle on May 22, when a nefarious hacker exploited a vulnerability in its concentrated liquidity market maker contract. One can only imagine the hacker, cackling with glee, as they leveraged unchecked math operations from a third-party code library. Who knew math could be so treacherous? 📉

With the finesse of a magician, the hacker manipulated prices through a flash swap, draining several pools by faking liquidity deposits and repeatedly withdrawing real tokens. A true masterclass in mischief! The unfortunate outcome? A staggering loss of approximately $220 million in cryptocurrencies. But fear not! The protocol managed to freeze $162 million of those funds, proving that not all hope was lost. 🥳

In a display of unity that would make even the most stoic of hearts swell, the Sui community rallied together, passing a crucial on-chain vote for the recovery process within a mere 48 hours. Over 90% of validators and stakers cast their votes in favor, marking a pivotal moment for the entire ecosystem. It seems that when the chips are down, the community knows how to come together! 🤝

With the frozen funds now unlocked, the proposal roadmap promises a full recovery and a return to operations within a week. Cetus has its work cut out, focusing on data restoration, protocol upgrades, CLMM contract enhancements, asset conversion, and compensation contracts. A veritable buffet of tasks awaits! 🍽️

📢 Progress Update

With the on-chain vote approved, the previously quarantined funds on Sui have been securely transferred to a multisig trust wallet — a collaborative effort between Cetus, the Sui Foundation, and OtterSec.

TXIDs: …

— Cetus🐳 (@CetusProtocol) May 31, 2025

The latest update reveals that the funds are now safe and sound, allowing the hacked platform to embark on the next phase of asset recovery. The focus is now on ticking off every item on that ambitious roadmap. Who knew recovery could be so thrilling? 🎢

Mark your calendars, dear readers! The Cetus team has scheduled June 2 for a public X space, where members of the Sui community will be treated to a detailed breakdown of the situation and the progress made thus far. Because who doesn’t love a good update? 📅

“We’re pushing forward with focus and urgency to bring Cetus back online and fully restore protocol operations for all users,” the Sui-based DEX declared, with all the enthusiasm of a child on Christmas morning. 🎄

Cetus Protocol Offers Hacker $6 Million as White Hat Bounty

In a rather unexpected twist, Cetus Protocol has been pulling out all the stops to recover the funds, including the frozen $162 million. To entice the hacker back to the light, it has offered a $6 million Whitehat bounty. According to Sui Vision, all legal actions against the hacker will be dismissed should the 20,920 Ethereum be returned. A generous offer, indeed! 💸

However, should the hacker decide to play hardball, attempting to transfer the funds off-ramp or send them to crypto mixers, the matter will escalate with “full legal and intelligence resources.” Sounds ominous, doesn’t it? 😱

To further salvage this hack-tastrophe, the Sui Foundation has graciously offered a secured loan to help Cetus fully compensate affected users. The DEX plans to combine this loan with its treasury assets to ensure that all affected users are reimbursed. Because nothing says “we care” quite like a loan! 💼

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2025-05-31 22:40