Following the recent attack on the Cetus protocol, which led to a loss of $260 million, the Sui Foundation announced its decision not to participate in the vote on the recovery of the frozen funds.
Sui Validators' Swift Actions
After the attack on the Cetus protocol, resulting in a loss of $260 million in crypto assets, Sui validators acted quickly to prevent further losses. They utilized network tools to block certain wallet addresses, which led to approximately $162 million of stolen assets being frozen. This swift action stopped the attacker from moving additional funds off the network, although around $60 million had already been lost before the freeze took effect.
Cetus Requests a Protocol Upgrade
Following the emergency freeze, the Cetus team reached out to the Sui community to request approval for a protocol upgrade. This upgrade would assist in returning the frozen funds to users without altering the blockchain's history or undoing past transactions. Validators and SUI token holders will participate in the upcoming vote, and Cetus stated its willingness to accept whatever outcome the community decides, emphasizing that no single party should make the decision alone. The Cetus team is also collaborating with security experts and law enforcement to track the hacker and recover the missing $60 million.
Sui Foundation's Neutral Position
The Sui Foundation has outlined its neutral stance, stating that it will not vote on the protocol upgrade and will not influence the decision. The Foundation sees its role as that of a neutral party that helps guide the process. It also expects Cetus to publicly commit to utilizing all available resources to ensure full repayment to affected users. This vote will serve as a critical test of the Sui network's governance model, showcasing how a decentralized system can unite during a crisis.
The Sui Foundation's decision to stay out of the vote highlights the importance of decentralization in blockchain governance and may significantly impact the future development of the network.
