Stolen Cryptocurrency Worth $162,000,000: Sui Community Initiates Vote to Retrieve Funds from Cyber Thief
After a sophisticated smart contract exploit targeted the decentralized exchange Cetus Protocol last week, the Sui community is moving to recover $162 million worth of stolen assets. Approximately $223 million worth of assets were pilfered from the platform by an unidentified hacker.
The stolen assets were quickly frozen by Sui validators, and the community has now voted to approve a one-time authentication of special transactions that would return the frozen assets to Cetus. These transactions are hard-coded with the attacker's addresses, the stolen asset objects, and their intended destination.
The voting process is ongoing, with the validators' stake determining the outcome. However, the Sui Foundation's stake is excluded to maintain neutrality. The vote must receive support from more than 50% of the total stake, with "yes" votes outnumbering "no" votes.
Cetus has indicated that it will cover the remaining losses through cash, token treasuries, and a loan from the Sui Foundation, should the vote pass. The exchange has expressed gratitude for the community's support and stated that full recovery of the funds is crucial, especially for those affected.
As of this writing, 71% of the validators have voted in favor of the recovery proposal, with just 0.3% voting against. The voting period is set to conclude next week, but early passage could occur as early as Thursday if the remaining unvoted stake cannot influence the outcome.
This news follows the Sui community's announcement of an $10 million investment in security improvements to prevent future incidents. Cetus also revealed an eight-step recovery schedule, aiming for a full relaunch within a week.
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The Sui community is initiating a special transaction using blockchain technology, hard-coded with the attacker's addresses, the stolen asset objects, and their intended destination, to return the frozen assets to Cetus Protocol. Despite the ongoing vote, over 71% of validators have already approved this recovery proposal for the stolen cryptocurrency and altcoins, which totals $162 million.
