Cetus Protocol faced a significant challenge after funds were stolen by hackers, but is now beginning its recovery process with community support.
Community Reaction and Safe Storage
Cetus Protocol, a leading player in the DeFi world of the Sui blockchain, experienced a theft of funds but the community responded swiftly. Within 48 hours, a vote was held, where 90.09% of participants supported moving the frozen funds to a safe wallet. This wallet is now controlled by three trusted teams: Cetus Protocol, Sui Foundation, and OtterSec. Users have referred to this as a 'power move,' showcasing the strength of teamwork.
Platform Recovery Plan
With the funds secure, the Cetus Protocol team is working diligently to restore the platform. They have developed a clear plan that includes restoring pool data, upgrading smart contracts, and preparing for a restart. One of the major updates is the enhancement of the CLMM contract, which has already been completed and is under review. The team also plans to offer a compensation contract for those who suffered losses, instilling hope among users.
Community Support and Future Plans
Cetus Protocol is not only focusing on technical measures; they are also providing regular updates to the community about their actions. A public chat has been scheduled on X for June 2, 2025, where the team will discuss the incident, explain the fixes, and answer users' questions. The full restart of the protocol is expected next week, including access to affected funds and coverage of losses through the new compensation contract.
The events surrounding Cetus Protocol highlight the importance of resilience and community support in DeFi. Despite the challenges, the team remains focused on enhancing security and functionality for all participants.
