Cetus has shared a recovery plan aimed at returning $162 million worth of frozen assets that were taken in a May 22 security breach.
The decentralized exchange (DEX) wants to move these funds out of the attacker’s wallets by asking for community support to approve a protocol update.
According to the Sui Foundation’s post on X, the plan was put to a vote starting at 1 PM on May 27 and will stay open for up to seven days. Those who hold SUI tokens can delegate their votes to validators to choose “yes”, “no”, or “abstain”.
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The Sui
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Foundation, to stay neutral, will not vote with its own tokens. For the proposal to pass, more than half of all staked tokens must participate, and the majority of the votes must be in favor.
If approved, the update would allow two wallet addresses, linked to the attacker, to each carry out one transaction. These would move the frozen funds into a multisignature wallet managed by Cetus, the Sui Foundation, and blockchain security firm OtterSec. This setup adds oversight before the funds are returned to users.
As of May 28, 37.3% had voted in favor, with no votes against. The rest have yet to weigh in. The vote could end early if the outcome becomes certain after 48 hours.
On May 15, Coinbase faced a $20 million extortion attempt after attackers bribed overseas support staff. How did the exchange respond? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
