- $160 million recovered and secured in a multisig wallet after the Cetus hack.
- The community overwhelmingly approved the recovery plan.
A significant milestone in the aftermath of the recent Cetus hack saw around $160 million in stolen assets moved to a secure multi-signature (multisig) trust wallet.
This marks an important step toward regaining stability.
Cetus’s recovery plan
Following an on-chain vote that authorized the recovery step, Cetus, the Sui Foundation, and security firm OtterSec now jointly control the secure wallet.
In an official update, Cetus reassured the community that they are making progress in the aftermath of the exploit.
It noted,
“With the funds secured, Cetus has officially entered the next phase of the recovery process.”
The update added,
“Our team is fully mobilized and working around the clock to execute the roadmap we shared earlier — from contract upgrades and liquidity restoration to preparations for relaunch.”
Community vote and reaction
Additionally, on the 2nd of June, Cetus Protocol will hold a public discussion on X (formerly Twitter) with the Sui community to maintain transparency.
They will give a detailed walkthrough of the recent security breach. They will also update the community on recovery efforts. Additionally, they will answer pressing questions from users.
The exact time is not yet confirmed. This initiative highlights Cetus’s commitment to open communication. It also reflects active community engagement during this critical phase of rebuilding trust.
Reacting to this, an X user said,
“good news deserves attention.”
Echoing similar sentiments, another Cetus user added,
“As a Cetus user, I appreciate the transparency and timely update. Let’s fix this asap.”
In a clear demonstration of community-driven governance, 90.9% of Sui network stakeholders voted in favor of a critical fund recovery proposal put forth by validators, as detailed in recent network updates.
This strong consensus led to the early closure of the on-chain vote, approving the transfer of the compromised funds to a secure multi-signature wallet.
Market trend
However, despite the significant progress in recovering stolen funds, the market responded with a notable decline in token prices.
At press time, Cetus Protocol [CETUS] dropped to $0.1329, falling 7.19% in 24 hours, 17.87% over the past week, and 38.46% monthly.
Similarly, SUI experienced a 9.15% dip in the last day, trading at $3.15 according to CoinMarketCap.
Yet, amid this bearish sentiment, the team remained resolute, reaffirming their commitment to transparency and recovery efforts as they continue navigating these challenging times.
They put it best when they said,
“We’re committed to delivering a safe and complete recovery. Thank you for your patience and continued support — we’re pushing forward with focus and urgency to bring Cetus back online and fully restore protocol operations for all users.”
