Cetus protocol proposes full refund for victims after Hack for USD $ 233 million

To do this, the team of Cetus It raises a community vote so that the members of their ecosystem decide how to proceed after what happened, although this will fall on the community of the network Sui.

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• The platform Defi, Cetus protocol, It has proposed to reimburse 100% of the stolen funds after attack.
  
• The total return depends on a key vote of the community Sui To facilitate a loan.
  
• The incident stands out once again the latent risks in the intelligent contracts of DEFI.

Cetus protocol, network -based Blockchain of Sui and specialized in decentralized exchanges (DEX) And provision of liquidity, announced that users affected by the recent exploit of USD $ 223 million could recover all of their funds, provided that a community vote is approved that will take place in the next few days.

The team of Cetus He published an X statement on Tuesday, in which he revealed that, thanks to his reservations in cash and tokens, they are able to cover all the stolen assets that are currently outside the network Sui, as long as the funds are unlocked through the vote of the members of the community. The proposal includes a loan by the SUI Foundation, which would make a 100% recovery possible for all harmed users.

“We recognize that this is an extraordinary request forced by our actions, however, we believe it is the right decision, especially for those affected,” declared Cetus In the statement.

A devastating attack and its effects

As indicated in previous editions, Cetus He suffered an exploit on May 22 that allowed an attacker to manipulate liquidity funds within his automated market. In a matter of hours, several sui -based tokens lost up to 90% of their value, while the native currency of the protocol, Cetus, It fell 50%.

This attack adds to a series of similar incidents in the ecosystem Defi, where vulnerabilities in intelligent contracts have allowed malicious actors to extract billions in digital assets.

Cetus subsequently identified the cause of the incident: a failure in the smart contract of his Concentrated Liquidity Market Maker (CLMM), based on an open source library. The attacker took advantage of a vulnerability related to an overflow verification to manipulate the funds before the main Pools CLMM were deactivated. The team ensures that vulnerability was already corrected.

Community vote: the turning point

The full refund offer is subject to a community vote that seeks to release the necessary funds for the operation. This decision seeks to balance the decentralized governance of the protocol with the ethical imperative to repair the damage caused.

“We humbly ask the total support of the Sui community to recover the funds through the next vote”Cetus wrote, in a gesture that mixes responsibility and pressing.

Beyond the vote result, the team has promised to start recovery efforts immediately. “We are committed to doing the right thing”they claim.

The attack on Cetus is not an isolated case. In September 2023, the decentralized wallet platform Mixin Network He was a victim of an attack of USD $ 200 million. In February 2022, the Cross-Chain bridge Wormhole suffered a theft of USD $ 323 million. And in March of that same year, Ronin, A Sidechain of Ethereum used by game Axie infinity, It was hacked for USD $ 600 million.

Together, hackers have stolen more than USD $ 5.3 billion protocols Defi, According to data collected by The Block. These incidents underline the technical and governance risks facing the sector.

Article written by a content editor. Edited by Angel Di Matteo / Diariobitcoin

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