“The Sui Foundation has Extended A Loan to Cetus to Fully Reimburse Affected USERS, with Repayment Contings on and Upcoming on -chain Community Vote.”, – WRITE: www.coindesk.com
(Pixabay)
- Cetus Protocol, The Largest Dex on the Sui Blockchain, Secured a Loan from The Sui Foundation to Fully Compensate USERS After A $ 223 Million Exploit.
- The attacker USED SPOOF TOKENS TO Exploit Price Curves, Draining Real Assets from Liquidity Pools, With $ 162 Million in Stolen Tokens Frozen on-Chain.
- Cetus Plans to begin reimbursing USERS IMMEDIATELY, USING The Loan and Its Reserves, While Awaiting A Community Vote on Using Frozen Funds for Full Recovery.
These Funds Apply Only to Cover The Bridged Assets, and are Separeate from the Frozen Funds Subject to An Onchain Community Vote.
“Using the Our Cash and Token Treasuries, We Are Now in A Position to Fully Cover the Stolen Assets Currently Off-Chain IF The Locked Funds Are Recovered Through the Upcomy.
“This Includes A Critical Loan From The Sui Foundation, Making A 100% Recovery for All Affected Users Possible.”
The recovery plans hinges partly on the outcome of a pending on -chain governance proposal, whoh would the authorize the Use of Frozen Funds to Complete Useer Reimbursments.
“TheSe Are Extraordinary Measures Taken to Protect the Sui Community,“ The Sui Foundation Said in A Statement, Adding That A “Full Recovery Is Possible”.
The Exploit of Cetus Last Week Involved an Attacker Manipulating Spoof Tokens, Such As Bulla, To Exploit Flawed Price Curves and Reserve Logic Pools with Depositing Equivalent Value.
At the Time, Over $ 162 Million in Stolen Tokens Were Frozen On-Chain, While the Remainder Were Bridged Out Through Multiple Paths. The Attacker’s Wallet (Wich Is Still Active) Was Last Seen Holding Over 12.9 Million Sui, with Additional Assets Likely Swapped Or ObfusCated Across Networks.
In Respons, Cetus paused ITS SMART CONTRACTS AND INITIATED AN INVESTIGATION, WHILE ITS GOVERNANCE TOKEN, CETUS, DROPED NEARLY 40% AT TIME. Trading Activity Across Sui’s Defi EcoSystem Slowed Amid Liquidity Concerns and Broader Scrutiny of Protocol Safety.
Now, with the New Secured Loan from the Sui Foundation, Cetus Says It Is In A Position to Begin Reimbursing USERS IMMEDIATELY.
Shaurya Holds Over $ 1,000 in Btc, Eth, Sol, Avax, Sushi, Crv, Near, YFI, YFI, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, CAKE, Vet, Vet, Vet RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, Banana, Rome, Burger, Spirit, and ORCA.
He Provides Over $ 1,000 to Liquidity Pools on Compound, Curve, Sushiswap, Pancakeswap, Burgerswap, Orca, AnaSwap, Spiritswap, Roki Protocol, Yearn Finance Olympusdao, Rome, Trader Joe, and Sun.
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