- Cetus relaunch follows a significant Sui blockchain exploit.
- Community involvement secures fund recovery plan.
- Relaunch is scheduled for June 8, with multisig measures.
Cetus Protocol is set to relaunch on June 8, 2025, following a $223 million exploit on the Sui blockchain. Measures have involved multisig governance and significant community participation to secure assets.
Cetus Protocol’s recovery showcases community governance’s vital role after the hacking incident. The affirmative votes ensure a trusted recovery approach with restricted access and fund redistribution.
Cetus Protocol has revealed plans for a comprehensive recovery following a $223 million exploit. On May 22, 2025, multiple assets, notably SUI and CETUS, faced significant losses. Cetus’s recovery involves multisig authorization, ensuring transparency and secured fund redistributions.
Cetus, Sui Foundation, and OtterSec cooperate to execute the recovery plan through multisig protocols. This partnership involves using the Sui Foundation’s emergency funding and Cetus’s treasury to oversee fund recovery and redistribution.
The incident led to significant impacts across Cetus’s liquidity and asset holdings, prompting key interventions by Sui validators. The exploit affected total value locked (TVL) on Cetus, which is expected to recover as redistribution commences.
Collaboration among the Sui community emphasizes governance roles in the recovery process.
Over 50% of governance votes endorsed the recovery strategy, showing active engagement and commitment to resolving the hack’s impact.
Potential regulatory concerns arise from the incident, though no governmental entities have publicly commented yet. The recovery plan poses questions on future governance and security strategies within decentralized finance frameworks, informed by historical parallels.
“The funds will be held in trust until Cetus redistributes them to the accounts affected by the hack… The Cetus trust wallet will be controlled with a 4 of 6 multisig wallet: 2 keys will be held by Cetus; 2 by the Sui Foundation; and 2 by OtterSec (a trusted auditor in the Sui community).” – Sui Foundation Blog
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