Cetus seeks community approval to recover 162 million dollars lost in the Sui theft.

Six days after the hack of 223 million USD that shook the Sui ecosystem, the DEX Cetus proposed a recovery plan, allowing the recovery of 162 million USD from the hacker's wallet through a protocol upgrade, pending community approval. The voting lasts for 7 days, starting from May 27, requiring over 50% of the shares to participate and a majority agreement to pass.

If approved, the assets will be transferred to a multisig wallet controlled by Cetus, OtterSec, and the Sui Foundation. The plan also utilizes funds and loans from the Sui Foundation to ensure 100% reimbursement for the affected users.

The hack exploited a vulnerability in the overflow protection mechanism, allowing hackers to drain the liquidity pool. Currently, 61.5 million USD has been transferred to Ethereum, while the remaining amount is still frozen on Sui.