The Sui Foundation has announced a $5 million bounty for information regarding the hacker involved in the recent $223 million breach of the Cetus Protocol. This incident has triggered substantial market fluctuations and discussions surrounding blockchain centralization.
Cetus Protocol Hack and Sui's Reward
The Sui Foundation declared a $5 million bounty to uncover the identity of the hacker responsible for the $223 million Cetus Protocol breach. The protocol had previously offered the hacker amnesty, but this offer went unanswered. Key players such as Inca Digital are assisting with the bounty execution. Despite these efforts, experts like ZachXBT criticize the lack of clarity in this approach.
Sui Token Price Drops Following Hack
Following the Cetus breach, Sui tokens experienced a significant drop in value. Security expert Yu Xian noted that investing in such cases involves high risks, with uncertain outcomes lacking upfront support. The Sui Foundation's commitment is indicated by their $5 million bounty aimed at resolving the breach.
Debate on Centralized Blockchain Governance
Similar interventions have previously raised concerns about centralization, as evidenced by the $162 million frozen by Sui validators. Such control can prompt debates about governance in blockchain systems. Historical trends suggest that bounty efforts can yield mixed results, and industry experts emphasize the necessity for nuanced strategies and significant backing to achieve concrete solutions.
The events surrounding the Cetus Protocol breach and the Sui Foundation's bounty initiative raise significant questions regarding security, centralization, and methods for addressing challenges within the blockchain industry.
