Last week, the decentralized protocol Cetus, which provides core liquidity on the Sui blockchain, suffered a major attack. The hacker withdrew assets totaling $223 million, causing a price collapse and halting trading. Now the project team has announced securing a loan from the Sui Foundation and promises to fully compensate users for their losses.
The Loan Will Ensure Full Reimbursement
According to Cetus representatives, the loan from the Sui Foundation will allow for full coverage of the stolen assets, provided the community approves the use of frozen funds through a vote. These measures aim to reimburse users for assets that were taken off-network and not frozen on-chain.
“With our treasury and tokens, as well as the critical loan from the Sui Foundation, we are able to provide 100% compensation to affected users,” the Cetus statement reads.
The Outcome of the Attack Depends on Voting
The recovery plan depends on the results of a community vote, which must authorize the use of the frozen tokens. If approved, the funds will be directed toward completing user reimbursements.
“Sui Foundation took emergency measures to protect the ecosystem,” the foundation stated, adding that with community support, full reimbursement is achievable.
At the time of writing, the Sui community proposal titled “Should the stolen assets of the Cetus protocol be returned via a special transaction” had received nearly 54% of votes in favor, and the proposal was passed.
