Cetus announces recovery plan, seeking transitional loans from SUI

ChainCatcher news, according to Decrypt, Cetus has announced a recovery plan after suffering a $223 million vulnerability attack, aimed at forcibly reclaiming $162 million of frozen funds from wallets controlled by hackers through protocol-level upgrades. Cetus has requested a community vote to restore the funds frozen after last week's hacking incident. The Sui Foundation has released on-chain community voting code, allowing Sui validators and holders to vote directly through staking delegation. Voting began on May 27 at 1 PM Pacific Time and will last for seven days, requiring over 50% participation and majority approval to pass.

Cetus stated that by utilizing its cash and token reserves, it is now able to fully cover the stolen assets, which includes a significant loan from the Sui Foundation, enabling all affected users to recover 100% of their losses.