Sui Foundation issues loan to Cetus for user compensation

The SUP Foundation intervened with a guaranteed loan to help decentralized exchanges, Cetus completely compensates users affected by a recent feat of $ 223 million.

In a press release published on X on May 27, the foundation said that the loan will cover the funds that the pirate has managed to fill the SU (Sui) Network before the validators put their portfolios. Cetus will combine the loan with its treasury assets to reimburse all of the affected users, provided that the community approves a separate chain vote To unlock frozen funds.

Cetus echoed this feeling in another statement, apologizing for the incident and asking the SUP community to support the recovery vote. “We are now able to fully cover the stolen assets currently outside the channel,” said the team, “if the locked funds are recovered during the next community vote.”

On May 22, Cetus suffered a complex exploit Taking a defect in its concentrated liquidity market contracts. The attacker has exploited uncontrolled mathematical operations in a third -party code library and handled prices using a flash exchange. Consequently, they were able to empty several swimming pools by simulating liquidity deposits and repeatedly removing real tokens.

The attacker managed to transfer a significant amount of stolen assets to Ethereum (Ethn), even if the validators were able to freeze $ 162 million in chain. These input funds are at the center of the current remuneration plan.

The hack caused a drop in the Cetus token by 40% and is still down 20% in last week. The total value locked on the SUR network also increased from $ 2.13 billion to $ 1.77 billion, according to Defillama data.

Although the bug was in the Cetus code and not the basic infrastructure of Suis, the Foundation SUP recognized its role in the support of security on the scale of the ecosystem. In parallel with the loan, the foundation announcement An additional commitment of $ 10 million to finance audits, bug bonuses and formal verification tools.

To encourage white heat hackers to find vulnerabilities before being exploited, he also intends to expand his BOG premium bonus program to include high -value protocols like Cetus, which have more than $ 50 million on TVL.

Although the Validators’ rapid action has helped prevent other damage, some in the community have expressed their concerns that the gel of the portfolios undermines the philosophy of decentralization of blockchain. Others praised the rapid response and the transparent manipulation of the crisis.

Detailed recovery plan de Cetus is expected soon. Compensation efforts should begin, regardless of the result of the vote, although the full recovery depends on the thaw of the remaining funds.