What you absolutely must know, unless you prefer to remain clueless:
- Cetus Protocol, the “bigwig” of DEXes on the Sui blockchain, got a lifeline from the Sui Foundation—$223 million of shiny new funds—to pay back the victims who lost their digital wallets in a daring heist.
- The villain used fake tokens—spoofs, not real—they danced around price curves, draining actual assets from liquidity pools faster than you can say “blockchain fiasco,” with $162 million frozen like a sad fish on ice.
- Cetus is rushing to throw money at the problem using the borrowed funds and its own reserves, all while waiting for the community—a bunch of folks with too much free time—to vote on whether to release the frozen treasure and save the day.
Ah, Cetus—the “Mona Lisa” of decentralized exchanges on Sui—has managed to secure a hefty loan from the Sui Foundation, aiming to redistribute the loot to the rightful owners after last week’s spectacular $223 million magic trick.
FYI: These funds only cover the assets that were SYMBOLICALLY “bridged” over—meaning, not the frozen goodies locked away in some digital vault, which still awaits a governmental-style vote of approval.
In their own words: “With our treasure chests filled with cash and tokens, we’re now prepared to fully reimburse those whose assets ran away—if the community decides to unlock the vault.”
The plan’s success hinges on whether the community enacts a governance spell, opening the frozen funds for distribution, like a Dickens winter sale.
The Sui Foundation chimed in: “We’ve taken extraordinary measures, because who doesn’t love a big rescue story? A full recovery is possible—just need a little community magic.”
The heist? Oh, just a little mischievous actor using fake tokens—like BULLA (but not the happy kind)—exploiting buggy price curves and reserve logic, siphoning off SUI, USDC, and other treasures, like pirates of the digital sea. Over $162 million in stolen tokens froze on-chain, while the rest vanished into thin air, bridged away through sneaky channels.
The culprit’s wallet (still active, of course) is now holding over 12.9 million SUI, with possibly more assets hiding across networks like a digital chameleon.
In response, Cetus hit pause—smartly, I might add—and launched an investigation, while their token CETUS took a nosedive, dropping nearly 40%, showing how fragile trust in DeFi really is. Liquidity dried up faster than a puddle in summer, sparking fears and sleepless nights across Sui’s ecosystem.
But fear not! Thanks to the generous loan from the Sui Foundation, Cetus is ready to start handing back some of that loot—immediately. The community’s vote will decide if all the frozen treasure will be freed or not. So, pop the popcorn and watch the drama unfold.
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2025-05-28 09:33