When $223M Goes Missing: Sui Community’s Hilarious Rescue Mission! 😂💰

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Ah, the Sui community, a veritable assembly of digital knights, has gallantly voted to liberate over $160 million in frozen assets, all thanks to a rather unfortunate exploit of Cetus, that illustrious decentralized finance protocol. Who knew that a mere hack could lead to such a grand spectacle?

In a post on X, dated May 29, our valiant Sui (SUI) confirmed that validators, representing a staggering 90.9% of the total stake, raised their virtual hands in a resounding “yes” to an on-chain governance proposal. This proposal, dear reader, was to transfer the frozen funds into a multi-sig wallet. A critical step indeed, following the $223 million exploit that sent shockwaves through the protocol on May 22. One can only imagine the drama! 🎭

Update – Validators representing 90.9% of stake have said “Yes” in the on-chain community vote, and the vote has concluded early.

With this result, the impacted funds will be moved to a multi-sig wallet and held in trust until they can be returned to users according to the plan…

— Sui (@SuiNetwork) May 29, 2025

The community vote was initiated after Cetus, in a moment of vulnerability, requested protocol-wide support to recover and return assets that had been frozen on-chain post-hack. The audacious attacker had exploited a flaw in third-party code, draining multiple liquidity pools and, in a twist worthy of a soap opera, later bridging a portion of the funds to Ethereum (ETH). Thankfully, validators managed to freeze $162 million of the stolen assets on Sui before the situation spiraled further into chaos. Talk about a close call! 😅

As part of the recovery plan, the unlocked funds will be held in a trust account controlled by a multisig until they can be returned to the affected users. Cetus has pledged to combine the recovered funds with its treasury and a loan from the Sui Foundation, ensuring that all victims are fully reimbursed. A noble endeavor, indeed! 💪

Although the flaw lay within Cetus’ code and not the Sui network itself, Sui is treating this exploit as a pivotal moment for the ecosystem’s security model. In response, it has announced a $10 million initiative to enhance protocol-level audits and formal verification tools. Sui is also expanding its bug bounty program to cover major protocols with high total value locked. Because, you know, better safe than sorry! 🛡️

Sui’s transparent and community-driven response has garnered praise from some members, while others continue to express their concerns about freezing wallets in a supposedly decentralized system. The vote was open to both validators and individual stakers, whose choices were reflected through their delegated stake. Democracy in action, folks! 🗳️

With the vote now finalized, Cetus is expected to unveil a detailed timeline for reimbursements. Compensation efforts are set to commence soon, with full repayment now within reach, thanks to the newly recovered funds. Who knew that a little chaos could lead to such a happy ending? 🎉

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2025-05-30 09:25