Cetus is committed to refunding 100% of assets after the hack of 223 million USD, the token price surged by 30%.

Cetus, a decentralized trading platform providing liquidity infrastructure on the Sui ecosystem, announced that individuals affected by the $223 million attack on May 22 may be fully reimbursed, depending on the outcome of the upcoming community vote.

"With the current cash fund and token reserves, we are now fully capable of completely compensating for the assets that have been stolen ( lying off-chain ) if the locked fund is restored through the upcoming community vote," Cetus wrote on platform X today. "This reimbursement includes a significant loan from the Sui Fund, opening up a 100% recovery opportunity for all affected users."

Cetus emphasizes that the outcome of the vote will be crucial for the ability to fully repay. "We humbly call for comprehensive support from the Sui community to pass the vote to restore the assets. We acknowledge that this is an unusual request stemming from our own mistakes; however, this is the right decision – especially for those who have suffered losses."

Regardless of the voting results, Cetus stated that the recovery process will be initiated immediately and affirmed its "commitment to thoroughly address the consequences."

As soon as the news was released, the price of the CETUS token surged by 30%, according to price data from Bitcoin Magazine.

The mining incident that occurred on May 22 caused the prices of many tokens on the Sui ecosystem to drop significantly, with some tokens decreasing by up to 90%. Specifically, the CETUS token of this protocol also lost up to 50% of its value.

After that, Cetus identified the cause stemming from a vulnerability in the smart contract of the pool CLMM (Concentrated Liquidity Market Maker). This contract was built on an open-source code library, in which there was an overflow check error (. The attacker exploited this vulnerability to manipulate liquidity and withdraw assets from the protocol before the core CLMM pools were disabled. Cetus stated that they have completely patched the aforementioned vulnerability.

The Cetus incident is part of a series of large-scale hacks that have shaken the DeFi sector, including the decentralized wallet attack on Mixin Network worth 200 million USD ) in September 2023, the Wormhole bridge hack worth 323 million USD ( in February 2022, and the Ronin sidechain exploit of the Axie Infinity game with damages reaching up to 600 million USD ) in March 2022.

According to statistics, the total amount of money stolen from DeFi protocols has reached 5.3 billion USD.

Thạch Sanh