Cetus Protocol, a Sui native decentralized exchange that suffered a massive $220 million attack in May, announced that it is advancing its open-source process following its recent relaunch.
On May 22, attackers exploited a pricing mechanism vulnerability to withdraw tokens from Cetus's main liquidity pool. The protocol quickly froze $162 million of the stolen funds after the incident.
Before the attack, Cetus's trading volume was on the rise, surpassing $5 billion in April, and despite shutting down operations after the 22nd in May, it still reached $5 billion.
According to a Medium article published on June 7, just a day before the relaunch, the Cetus team stated that they are moving towards full open-source and launched a new white hat bounty program to "encourage collective technical and security contributions."
As part of the relaunch, the team stated they have been "working around the clock" to patch the software vulnerabilities that led to the hack, restore pool data to correct pricing, and conduct security audits on all code fixes and contract upgrades.
The affected liquidity pools have been replenished in various ways, including a $7 million cash reserve, a $30 million USDC loan from the Sui Foundation, and the recovery of some assets from the attackers.
However, not all affected pools have fully recovered. According to the Cetus team, the current recovery rate is between 85% and 99%, depending on the extent to which each pool was depleted during the attack.
As part of the compensation plan for affected users, 15% of the protocol's native token CETUS supply has been specifically reserved, with 5% immediately available and an additional 10% to be unlocked linearly on a monthly basis over the next year starting June 10.
According to CoinGecko data, the Cetus token has dropped over 12% in the past 24 hours, trading at $0.11.
Additionally, the team plans to upgrade the protocol's monitoring system and conduct further rounds of security audits.
Cetus stated that legal action is still ongoing, with legal proceedings initiated in "multiple jurisdictions," and law enforcement is "actively involved."
"The attackers ignored our previous white hat bounty proposal and have begun attempting to launder money—this is a futile and traceable act. We are highly confident that the successful arrest and recovery of the remaining assets is just a matter of time," the team said.
The day after the hack, Cetus offered the attackers a white hat bounty of up to $6 million, contingent on the return of 20,920 stolen Ethereum (ETH), worth over $55 million, as well as the $162 million in stolen funds frozen on the Sui blockchain.
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Original: “Sui DEX Restarts, Plans to Move to Open Source After Massive Exploit”
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