Cetus Hack Update: $160M in Stolen Funds Transferred to Multi-Sig Wallet

Highlights

The Cetus protocol reaches the next phase of the fund recovery plans.
The platform sent $160 million in stolen funds to a multisig trust wallet,
The move follows the community's overwhelming support for the plan.

In a significant development in the recent Cetus hack, the Sui liquidity provider has successfully transferred about $160 million in stolen funds to a multisig trust wallet, following approval from an on-chain vote. The funds were moved to a secure wallet jointly managed by Cetus, the Sui Foundation, and OtterSec, marking a crucial step in the recovery process.

Cetus Hack Fund Recovery Plan Advances, Enters Next Phase

Earlier today, Sui blockchain’s liquidity protocol Cetus shared an X post, drawing the community’s attention to the progress in the Cetus hack fund recovery. Reportedly, the protocol, in collaboration with the Sui Foundation and OtterSec, has moved the isolated funds on the Sui network to a secured wallet. Cetus has now entered the next phase of recovery, following the successful transfer of funds. The platform stated,

With the funds secured, Cetus has officially entered the next phase of the recovery process. 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.

Moreover, in a bid to maintain transparency and ensure the community’s active involvement, Cetus has scheduled a public Twitter Space with the Sui clients on June 2, 2025. The session is expected to provide an in-depth look at the Cetus hack, recovery progress, and a Q&A segment.

Notably, the Cetus hack occurred on May 23, when a hacker stole $260 million in crypto, following which the platform offered a white hat deal to recover funds. Soon, the protocol introduced a community vote to advance its recovery plans, but it has committed to reimbursing users regardless of the vote’s outcome.

Despite this pivotal development, the CETUS price experiences a notable dip, currently trading at $0.1335, down 8% in a day, 18% in a week, and 35% in a month. The trading volume has also declined by 44%, now at $36.26 million.

Community Vote Leads to Recovery Progress

Significantly, the Cetus protocol has advanced the recovery procedures as a result of the community’s approval of the plan. The Sui Foundation reported the community’s overwhelming support for the recovery plan. Over 90% of validators exercised their voting authority in favor of the plan. This led to the vote concluding ahead of schedule after just four days.

The platform is working with a focus on delivering a secure and comprehensive recovery. This means that the team is working diligently to bring Cetus back online and restore full protocol operations for all users. The protocol cited,

We’re committed to delivering a safe and complete recovery. Thank you for your patience and continued support — we’re pushing forward with focus and urgency to bring Cetus back online and fully restore protocol operations for all users.

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Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape. Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master's degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet. Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn

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