When Crypto Goes Awry: The Hilarious Saga of CETUS and Its Community
Ah, the Cetus protocol! A decentralized exchange on the Sui blockchain, it recently found itself in a rather unfortunate predicament, akin to a cat caught in a rainstorm. On May 22, 2025, it suffered its second major exploit of the year, leading to a dramatic 50% plunge in the price of its native token, CETUS. One might say it was a day of reckoning for Sui-based tokens, as they too felt the tremors of this calamity.
In a twist worthy of a farcical play, CETUS announced on Tuesday that it was ready to return 100% of the user funds lost in a staggering $223 million exploit, contingent upon the whims of a community vote. Because, of course, nothing says “trust us” like a public referendum on financial recovery!
Fast forward to Friday, May 30th, and behold! The Sui community, in a display of unity reminiscent of a well-rehearsed choir, rallied to pass this critical on-chain decision. Over 90% of validators and stakers voted in favor of CETUS, proving that when it comes to money, people can indeed come together—like a family reunion, but with more digital assets and fewer awkward conversations.
As a result, a governance proposal emerged, suggesting the movement of frozen funds into a multi-sig wallet. This was hailed as a pivotal step in Cetus’s recovery plan, following the aforementioned exploit. It’s almost poetic, isn’t it? A recovery roadmap with eight points, promising the restoration of data and an upgraded CLMM contract, as if they were preparing for a grand reopening after a disastrous fire.
Yet, despite this optimistic update, the token price continued its descent, much like a lead balloon. The altcoin market sentiment was not in CETUS’s favor, and one can’t help but wonder if the universe is conspiring against it. Keep reading, dear reader, for the plot thickens!
Will CETUS Price Recover?
With the proposal passed, the recovery of locked funds is now authorized, paving the way for full reimbursement to affected users. The community eagerly awaits the commencement of the refund process, which, if successful, could serve as a shining example of community-led recovery in the DeFi space. Or, it could just be another tale of woe—stay tuned!
However, the price action of CETUS on Tuesday was not mirrored on Friday. Not even a flicker of hope was seen, despite the overwhelming optimism. It seems that when BTC fell to $105K, ETH to $2580, and SUI to $3.40, the entire market decided to throw a pity party, and CETUS was the guest of honor. The price faced rejection from the Fibonacci 0.5 level at $0.16625, plummeting nearly 19% to a mere $0.14492. Oh, the irony!
- Also Read:
- SlowMist Breaks Down How a Tiny Code Flaw Led to Cetus’ $230M Collapse
If the market sentiment continues on this downward spiral, CETUS could very well find itself in a precarious position, potentially declining to $0.07565. It’s like watching a slow-motion train wreck—fascinating yet utterly tragic.
Interestingly, the followers of CETUS on X have surged this week after a hefty fall last week. Yet, the weighted sentiment hovers near the zero line at “+0.141,” indicating that positive and negative views are engaged in a rather unproductive tango, with no strong directional bias in sight. It’s a classic case of “I love you, but I also love your money.”
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FAQs
What was the Cetus Protocol exploit?
It was a $223M exploit on May 22, 2025, severely impacting Sui-based tokens and Cetus’s native token, CETUS, due to a vulnerability. A classic case of “Oops, we did it again!”
Will users get their funds back after the Cetus exploit?
Yes, Cetus is prepared to return 100% of lost user funds after a community vote authorized moving frozen funds to a multi-sig wallet. Fingers crossed!
What is the future outlook for CETUS token price?
Bearish market sentiment risks pushing CETUS price down to $0.07565, with no strong positive or negative price momentum yet. It’s like waiting for a bus that may never arrive.
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2025-05-30 15:11