Sui Foundation to return full user loss recovery scheme

The Cetus hack on the Sui blockchain resulted in a loss of $ 223 million after hackers exploited safety defects in the Smart Contract Code of the protocol.

Following this violation, the SUI Foundation announced that it would provide a safe loan to CETUS, allowing the protocol to be able to fully compensate the users affected by the stolen funds. This loan is part of a large recovery strategy that aims to cover the loss that could not handle the seat alone.

Sui Foundation Cetus Hack Recovery to Support

The debt of the Sui Foundation is designed to help cover the stolen property away from SUI blockchain. Cetus will combine these debt income with your Treasury Fund to cover the total damage done by hack.

according to a Post recently On X by CETUS, this loan is an important step for users affected by Cetus hack to enable 100% recovery, assuming that the upcoming community can be recovered through votes. The loan provided by the Sui Foundation is especially for assets that were extracted from the SUI network and differs from frozen funds conducted by verifications.

The foundation emphasized that this remedy, with community votes, makes a route towards full user compensation. The Foundation said, “These are extraordinary measures to protect the needle community,” and confirmed their continuous support for members affected by the seat -hack incident.

Effect of seat hack on needle ecosystem

Seat -hacked Due to a hidden error In a piece of open-source code used by the seat in its smart contracts. This defect weakened the safety of the platform and allowed hackers to steal $ 223 million. After the violation, Cetus and SuI network verifications quickly worked to prevent further unauthorized transactions by blocking people signed by the attacker’s address.

Despite these efforts, Cetus hackers managed to convert around $ 60 million into other assets and withdraw them from blockchain, making it difficult for complete recovery. In response, Cetus offered a reward of $ 6 million for information for recovery of stolen funds.

However, after the announcement of the Sui Foundation’s loan and recovery scheme, the price of CETUS token (CETUS) rose 16.69%, reaching $ 0.1518. SUI tokens also increased by 5.45%, traded at $ 3.67 as press time.

Community reaction and recovery effort

Cetus Hack has given rise to mixed reactions within the Crypto community. Some users praised the seat for their quick response and Efforts to address the situationOthers criticized what they believe on insufficient communication and compensation measures.

The cold of money by the SUI verifications also created a debate around decentralization, as some community members saw it as a centralized action contrary to blockchain principles.

CETUS accepted the mistake in its code and regretted the impact on users and the broad ecosystem. The company emphasized its commitment to security reforms and promised to implement strict investigation and monitoring in the future. Cetus’s recent statement said,

“Your faith is our top priority, and we are fully committed to make things right.”

Cetus hack next stage for full recovery

The success of the recovery plan depends a lot on the result of the upcoming community vote, which will decide the fate of frozen assets.

CETUS urged the SUI community to support the votes to enable the complete compensation of the users affected by the SUI community. He confirmed that regardless of the result of the vote, efforts to recover would begin immediately, with detailed plans.