The SUI -based cetus decentralized exchange may be one step closer to recovering funds lost to a recent exploitation, waiting for the outcome of a community management vote that is set to end on June 3.
Cetus took advantage of more than $ 220 million Worth of Digital Assets on May 22. Shortly after the incident, Cetus Managed to Flreeze $ 162 million of funds.
On one May 27 Post In X, Sui said Cetus requested a community vote to approve the recovery of freezing funds.
“If the community vote is approved, the funds will recover from the attack and will be held in a Multisig Trust account until they are returned to accounts with positions in the cetus,” the Post said.
The vote is part of a broader recovery plan that includes the use of cetus treasury and the securing of an emergency loan from the Sui Foundation.
The ability of Sui validators to freeze funds has led to a debate within the community, along with some users who criticize the risk of centralization and others praise the quick response as a positive step for security.
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Sui (Sui) Tokenholders can bet on their delegate tokens in a validator who voted in accordance with their preference.
At the time of writing, 52.9% of validators voted in favor, while 46.7% had not cast their votes, SUI Blockchain Explorer data shown.
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Cetus asks for the Sui Foundation Emergency Loan
Cetus also requested an emergency loan from SUI, with a validator and community support for the return of stolen funds.
Cetus is already in a position to “fully cover the stolen properties” if locked funds are recovered by the ongoing community vote.
“This includes a critical loan from the SUI foundation, which makes a 100% recovery for all affected users possible,” Cetus said on a May 27 x Post.
Regardless of the outcome of the vote, Cetus said a recovery process will start immediately. Protocol plans to publish a detailed plan that describes the next steps for the affected users.
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