The Cetus Protocol, a sui-native decentralized exchange that suffered a large $ 220 million exploitation in May, said it is now working on going to the open-source following the recent reunion.
An attacking exploited a pricing mechanism to Drain the tokens from the main pools of the Cetus’ on May 22. The protocol Managed to Flreeze $ 162 million of stolen funds shortly after.
Cetus trading volume has been Trending Upward before the attack, registered more than $ 5 billion in April and another $ 5 billion in May, despite shutting down after May 22.
Cetus’s liquidity pools are -replenished with a loan and reserve
On a June 7 Medium Post, one day before its reunion, the Cetus team Says It is moving toward the fully sourced open, with a new White Bounty program, to “encourage collective contributions to technical and security.”
As part of the reunion, the team said it was “worked around the clock” and that -patch the software weakness, allowing the hack, restored pool data With proper pricing and conducting security audits in all code repair and contract upgrading.
Affected pools of liquidity have been replenished using a combination of $ 7 million in cash reserves, a $ 30 million USDC (USDC) Loan from the Sui Foundation and some of the acquired properties from the attack.
However, not all affected pools are fully restored, with the current recovery rate between 85% and 99%, depending on how much drained during the attack, according to the Cetus team.
Cetus sets tokens for payment plan
As part of a compensation plan for the affected users, 15% of the native supply of the protocol token, the Cetus, is set, with 5% available immediately and 10% subsequently locked each month next year, beginning June 10.
Cetus token dropped more than 12% in the last 24 hours, trading at $ 0.11, According to This coingecko.
There are also plans to upgrade the protocol monitoring system and have additional security auditings.
Protocol is still pursuing funds
Cetus said legal action is still on cards, with legal proceedings launched in “many constituents” and law enforcement agencies that are also “actively involved”.
Related: $ 2.1B Crypto stolen in 2025 as hackers shift focus from code to users: Certik
“The attack ignored our previous White Hat offer and began an attempt to launch property -a futile and traceable gesture. We are very confident that successful arrests and recovery of the remaining possessions is just one hour,” the team said.
The day after the hack, Cetus offered a White Hat Bounty of up to $ 6 million In exploitation if they return the stolen 20,920 ether (Eth), costs more than $ 55 million, including $ 162 million in stolen funds frozen on Sui Blockchain.
Magazine: Bitcoin $ 110k ‘Bull Trap’ Concerns, Lost $ 25m BTC: Hodler’s Digest, June 1 – 7
