Cetus secures $160M after hack – What’s next in the recovery phase?
The post Cetus secures $160M after hack – What’s next in the recovery phase? appeared on BitcoinEthereumNews.com. $160 million recovered and secured in a multisig wallet after the Cetus hack. The community overwhelmingly approved the recovery plan. A significant milestone in the aftermath of the recent Cetus hack saw around $160 million in stolen assets moved to a secure multi-signature (multisig) trust wallet. This marks an important step toward regaining stability. Cetus’s recovery plan Following an on-chain vote that authorized the recovery step, Cetus, the Sui Foundation, and security firm OtterSec now jointly control the secure wallet. In an official update, Cetus reassured the community that they are making progress in the aftermath of the exploit. It noted, “With the funds secured, Cetus has officially entered the next phase of the recovery process.” The update added, “Our team is fully mobilized and working around the clock to execute the roadmap we shared earlier — from contract upgrades and liquidity restoration to preparations for relaunch.” Community vote and reaction Additionally, on the 2nd of June, Cetus Protocol will hold a public discussion on X (formerly Twitter) with the Sui community to maintain transparency. They will give a detailed walkthrough of the recent security breach. They will also update the community on recovery efforts. Additionally, they will answer pressing questions from users. The exact time is not yet confirmed. This initiative highlights Cetus’s commitment to open communication. It also reflects active community engagement during this critical phase of rebuilding trust. Reacting to this, an X user said, “good news deserves attention.” Echoing similar sentiments, another Cetus user added, “As a Cetus user, I appreciate the transparency and timely update. Let’s fix this asap.” In a clear demonstration of community-driven governance, 90.9% of Sui network stakeholders voted in favor of a critical fund recovery proposal put forth by validators, as detailed in recent network updates. This strong consensus led…
The post Cetus secures $160M after hack – What’s next in the recovery phase? appeared on BitcoinEthereumNews.com.
$160 million recovered and secured in a multisig wallet after the Cetus hack. The community overwhelmingly approved the recovery plan. A significant milestone in the aftermath of the recent Cetus hack saw around $160 million in stolen assets moved to a secure multi-signature (multisig) trust wallet. This marks an important step toward regaining stability. Cetus’s recovery plan Following an on-chain vote that authorized the recovery step, Cetus, the Sui Foundation, and security firm OtterSec now jointly control the secure wallet. In an official update, Cetus reassured the community that they are making progress in the aftermath of the exploit. It noted, “With the funds secured, Cetus has officially entered the next phase of the recovery process.” The update added, “Our team is fully mobilized and working around the clock to execute the roadmap we shared earlier — from contract upgrades and liquidity restoration to preparations for relaunch.” Community vote and reaction Additionally, on the 2nd of June, Cetus Protocol will hold a public discussion on X (formerly Twitter) with the Sui community to maintain transparency. They will give a detailed walkthrough of the recent security breach. They will also update the community on recovery efforts. Additionally, they will answer pressing questions from users. The exact time is not yet confirmed. This initiative highlights Cetus’s commitment to open communication. It also reflects active community engagement during this critical phase of rebuilding trust. Reacting to this, an X user said, “good news deserves attention.” Echoing similar sentiments, another Cetus user added, “As a Cetus user, I appreciate the transparency and timely update. Let’s fix this asap.” In a clear demonstration of community-driven governance, 90.9% of Sui network stakeholders voted in favor of a critical fund recovery proposal put forth by validators, as detailed in recent network updates. This strong consensus led…
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