Sui Foundation Confirms Financial Support for Cetus Protocol After $223M Hack
- Sui Foundation offers loans to Cetus after $223M exploit tied to smart contract flaw.
- $160M remains frozen on-chain as $60M is laundered across Ethereum.
- Community vote pending on recovery plan as Cetus issues $6M bounty for intel.
The Sui blockchain network is undergoing a coordinated response after a breach in the Cetus Protocol’s smart contract code that led to the loss of approximately $223 million. The hack stemmed from a flaw in a math library used by Cetus, enabling an attacker to manipulate token pair prices and empty several liquidity pools. Impacted assets include CETUS, SUI, and USDC, with some funds already moved off-chain to Ethereum.
In the wake of this breach, the Sui Foundation confirmed it will provide a loan to Cetus Protocol to help fully compensate affected users. This funding is part of a wider recovery framework designed to cover losses the protocol couldn’t absorb on its own. Alongside this secured loan, the Sui Foundation also announced a bridge loan facility to help speed up the repayment process.
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Sui Foundation Confirms Financial Support for Cetus Protocol After $223M Hack
- Sui Foundation offers loans to Cetus after $223M exploit tied to smart contract flaw.
- $160M remains frozen on-chain as $60M is laundered across Ethereum.
- Community vote pending on recovery plan as Cetus issues $6M bounty for intel.
The Sui blockchain network is undergoing a coordinated response after a breach in the Cetus Protocol’s smart contract code that led to the loss of approximately $223 million. The hack stemmed from a flaw in a math library used by Cetus, enabling an attacker to manipulate token pair prices and empty several liquidity pools. Impacted assets include CETUS, SUI, and USDC, with some funds already moved off-chain to Ethereum.
In the wake of this breach, the Sui Foundation confirmed it will provide a loan to Cetus Protocol to help fully compensate affected users. This funding is part of a wider recovery framework designed to cover losses the protocol couldn’t absorb on its own. Alongside this secured loan, the Sui Foundation also announced a bridge loan facility to help speed up the repayment process.
The post Sui Foundation Confirms Financial Support for Cetus Protocol After $223M Hack appeared first on Coin Edition.
Read More