Sui Community Approves $162 Million Fund Release – Coincu
The post Sui Community Approves $162 Million Fund Release – Coincu appeared on BitcoinEthereumNews.com. Key Points: The Sui community approved the release of $162 million for recovery following a DEX vulnerability. A recovery plan includes fund restitution, trading function restoration, and security upgrades. The incident underscores the importance of security practices in the DeFi space. A recent proposal by the Sui community was approved on May 31, allowing the release of $162 million previously seized due to a vulnerability in Cetus, the decentralized exchange (DEX) at the center of this event. This decision is significant because it enables Cetus to implement a recovery plan involving user fund restitution and restoration of trading functionalities. Sui Community Greenlights $162 Million Recovery Fund Sui validators have agreed to release $162 million in funds seized during a vulnerability exploitation involving the Cetus DEX. The funds, to be transferred to a multi-signature wallet, will be disbursed as part of a recovery plan led by Cetus. External audits and community involvement underscored this initiative. Cetus aims to restore full trading operations within a week. This initiative includes data restitution, incorporating upgrades to their CLMM contract, and reinstating all related product functions. The recovery process is planned to address the vulnerabilities identified in the aftermath of the exploit. Community reactions have been strongly supportive, highlighted by active participation in the on-chain voting process. The Sui Foundation’s allocation of $10 million towards security audits and bounty incentives has been instrumental in rallying community trust, as expressed in official updates. “On Monday, Sui described the flaw as ‘a bug in a Cetus math library’ and promised to commit $10 million to improving Sui’s security more broadly. That includes a bug bounty program, plus Sui-funded security audits for projects using the chain.” – Sui Foundation, Official Statement Incident Prompts DeFi’s Security Overhaul and Price Fluctuations Did you know? Previously, similar DeFi incidents have demonstrated…
The post Sui Community Approves $162 Million Fund Release – Coincu appeared on BitcoinEthereumNews.com.
Key Points: The Sui community approved the release of $162 million for recovery following a DEX vulnerability. A recovery plan includes fund restitution, trading function restoration, and security upgrades. The incident underscores the importance of security practices in the DeFi space. A recent proposal by the Sui community was approved on May 31, allowing the release of $162 million previously seized due to a vulnerability in Cetus, the decentralized exchange (DEX) at the center of this event. This decision is significant because it enables Cetus to implement a recovery plan involving user fund restitution and restoration of trading functionalities. Sui Community Greenlights $162 Million Recovery Fund Sui validators have agreed to release $162 million in funds seized during a vulnerability exploitation involving the Cetus DEX. The funds, to be transferred to a multi-signature wallet, will be disbursed as part of a recovery plan led by Cetus. External audits and community involvement underscored this initiative. Cetus aims to restore full trading operations within a week. This initiative includes data restitution, incorporating upgrades to their CLMM contract, and reinstating all related product functions. The recovery process is planned to address the vulnerabilities identified in the aftermath of the exploit. Community reactions have been strongly supportive, highlighted by active participation in the on-chain voting process. The Sui Foundation’s allocation of $10 million towards security audits and bounty incentives has been instrumental in rallying community trust, as expressed in official updates. “On Monday, Sui described the flaw as ‘a bug in a Cetus math library’ and promised to commit $10 million to improving Sui’s security more broadly. That includes a bug bounty program, plus Sui-funded security audits for projects using the chain.” – Sui Foundation, Official Statement Incident Prompts DeFi’s Security Overhaul and Price Fluctuations Did you know? Previously, similar DeFi incidents have demonstrated…
What's Your Reaction?
