Shocking $223M Heist: Cetus Protocol’s Bold Comeback Plan Unveiled!

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In the dusty corners of the Sui network, where dreams of decentralized riches once danced like mirages, the Cetus Protocol has risen from the ashes of a $223 million exploit, much like a phoenix that forgot to check its bank account before taking flight. 🚀

On a fateful June 8, the decentralized exchange, with all the grace of a three-legged mule, unveiled its post-relaunch strategy in a blog post that could only be described as a roadmap to redemption—or perhaps just a map to the nearest coffee shop. ☕

With a new open-source plan that sounds as inviting as a warm pie on a chilly evening, they’ve also introduced a white hat bounty program. Because who doesn’t love a good treasure hunt, especially when the treasure is security? 🕵️‍♂️

According to the team, all affected CLMM pools have been replenished, thanks to a mix of recovered assets, treasury funds, and a generous $30 million loan from the Sui Foundation. It’s like borrowing sugar from a neighbor, but in this case, the neighbor is a whole foundation. 🍬

Liquidity providers, those brave souls, will regain access to their previous positions, with recovery rates that range from 85% to 99%. It’s like a game of “How much can we salvage?”—and it seems they’re winning! 🎉

To soothe the wounds of unrecovered losses, Cetus has decided to sprinkle a little magic dust, allocating 15% of its native CETUS token supply to the affected users. Of this, 5% will be claimable faster than you can say “blockchain,” while the remaining 10% will trickle in monthly like a slow leak in a faucet. 💧

The team reassured everyone that this 15% allocation won’t inflate the supply like a balloon at a kid’s birthday party, as it merely repurposes unvested team tokens. Because who needs new inflation when you can just recycle? ♻️

Compensation claims will be tied to LP position NFTs, which will serve as certificates for CETUS redemption, even after liquidity is withdrawn. It’s like getting a diploma for surviving the wild world of crypto! 🎓

In a bid to bolster security, the protocol has completed new audits covering all code patches and contract upgrades. They’re planning additional rounds of audits and real-time threat detection upgrades, because who doesn’t love a good security blanket? 🛡️

But let’s not forget the dark day of May 22, when an attacker, with the finesse of a cat burglar, exploited a flaw in a third-party code library. The aftermath was a flurry of frozen operations and frantic asset recovery efforts, like a scene from a heist movie gone wrong. 🎬

In a dramatic twist, an on-chain governance vote on May 29 approved the transfer of $162 million in frozen funds to a multisig wallet for recovery. It’s like a group project where everyone actually pulls their weight! 💪

With the Sui Foundation lending a helping hand, Cetus is now embroiled in legal proceedings across multiple jurisdictions, with law enforcement hot on the trail of the elusive attacker. This individual, who turned down a $6 million white-hat bounty, is reportedly trying to launder assets, but the team claims most movements are still traceable. It’s like playing hide and seek with a very bad hider. 🙈

“We are highly confident that successful arrest and recovering the remaining assets is only a matter of time,” Cetus declared, sounding more optimistic than a kid on Christmas morning. 🎄

If any additional funds are recovered during the compensation period, users will have the option to redeem CETUS for USDC. Once that period ends, the remaining funds will be used for token buybacks and deposited into the community treasury. It’s like a potluck dinner, but everyone brings something to the table! 🍽️

However, the latest announcement didn’t quite lift CETUS, which fell around 7% on the day, extending a downtrend that began in May. It seems the road to recovery is paved with a few bumps and bruises. 🚧

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2025-06-09 09:19