Shocking $223M Hack: Will Cetus Save the Day or Just Make It Worse? 😱💸

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So, here we are, folks! The decentralized exchange Cetus Protocol, which sounds like a fancy name for a new-age yoga class, has decided to play the hero after a whopping $223 million hack. Yes, you heard that right! It’s like a heist movie, but with less Brad Pitt and more blockchain drama. 🎬💰

Now, they’re promising to fully compensate the users who were left clutching their pearls after the exploit hit their Concentrated Liquidity Market Maker (CLMM) pools on May 22. But wait! There’s a catch—this all hinges on a community vote. Because nothing says “trust us” like letting a bunch of strangers decide your financial fate, right? 🙄

The Road to Recovery

In a post on X (formerly known as Twitter, because why not?), the Cetus team announced they’ve gathered enough assets from their treasure chest, along with a strategic loan from the Sui Foundation. It’s like a group project where everyone contributes, but you still have to vote on whether to unlock the funds. Talk about a nail-biter! 🗳️

“Because full recovery is dependent upon the results of the community vote, we humbly ask for the Sui community’s full support to recover the funds via the upcoming vote,” the team wrote. Aww, how sweet! They’re asking nicely! 💖

The recovery plan has garnered a lot of “yay, go team!” support, but the final decision is now in the hands of the Sui community. It’s like a reality show where the audience votes on whether the contestants get their money back. Will they unlock the frozen wallets and start the restitution party? Only time will tell! ⏳

Unlike the boring old traditional finance world, where the big wigs make all the decisions, Sui validators and stakers are now the ones holding the keys to this nine-figure mess. Who knew decentralization could be so… democratic? 🤔

Even Binance’s big cheese, Changpeng Zhao, is cheering them on, but the Cetus team knows they’re asking for a lot. They insist it’s “the right decision” for the victims. And if the vote flops? Don’t worry, they’ll start partial compensation right away. Because who doesn’t love a consolation prize? 🎁

A Flaw in the Code

Now, let’s talk about the actual hack. According to the incident report, it all went down at 10:30 UTC on May 22. An attacker found a vulnerability in the protocol’s CLMM pools—basically, they exploited a flaw that mishandled overflow checks. It’s like leaving your front door wide open and wondering why someone walked in and took your snacks. 🍕

Within an hour, Cetus managed to disable the vulnerable contracts and freeze two wallets holding $162 million. But the thief was quick, bridging about $60 million worth of tokens to Ethereum and converting them into ETH. Classic move! It’s like they had a getaway car waiting outside. 🚗💨

In a twist worthy of a soap opera, Cetus later revealed they were working with law enforcement, the Sui Foundation, and even a security firm called Inca Digital. They even tried to negotiate with the hacker! Spoiler alert: the hacker ghosted them. So, they put out a $5 million bounty for info on the culprit. Because who doesn’t love a good treasure hunt? 🕵️‍♂️

As reported by CryptoPotato (yes, that’s a real name), the hack sent shockwaves through Sui-based tokens. Assets like LBTC and AXOL plummeted to near zero, while others like LOFI and HIPPO lost over 80% of their value. It’s like watching a stock market crash, but with more drama and less paperwork! 📉

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2025-05-28 12:12