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Developers of the Altcoin that Suffered a Major Hack Attack Promised a Refund, But It Still Wasn't Enough: It Continues to Drop!
The Crypto protocol Cetus took an important step towards the refund of user funds following the large-scale cyber attack that occurred on May 22, 2025.
After the on-chain voting was approved by the community, approximately 160 million dollars worth of frozen funds associated with the attack were transferred to a multisig wallet jointly managed by CETUS, the Sui Foundation, and the security firm OtterSec.
Despite this statement from the developers, the CETUS token price has lost over 4% today.
Cetus, in a statement made via Twitter(, said, "Following the on-chain voting, the previously frozen funds have been securely transferred to a multisig wallet. This wallet is jointly managed by Cetus, the Sui Foundation, and OtterSec."
The funds in question will be held in this wallet until they are returned to the users. Cetus officials reported that with this development, the recovery process has moved to the next stage and that their team is working at full capacity to implement the said roadmap. The plan includes updating smart contracts, restoring liquidity, and reopening the platform.
To inform the community, Cetus announced that it plans to hold a Twitter Space event with the Sui community on June 2, 2025. This event will address the details of the attack, progress in the recovery process, and questions from the community. The exact time of the event will be announced in the coming days.
What Happened?
Cetus Protocol was subjected to a major attack on May 22 due to a security vulnerability. The attackers exploited a security flaw in an open-source library within the smart contracts, manipulating the prices in the liquidity pools and withdrawing approximately 223 million dollars worth of SUI and other tokens from the system. After the attack was detected, Cetus immediately paused its smart contract, but the attackers had already seized a large amount of funds.
*This is not investment advice.
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