24/7 Cryptocurrency News

Just-In: Cetus Hack Victims on SUI Set for $162M Reimbursement; Cetus Price Jumps 27%

Published by

In a major development around the Cetus hack, 54% of the community has voted yes to the recovery plan combining frozen assets and a $60 million SUI loan. There is still 1 day left for final confirmation, but as per experts, current votes are sufficient to pass the early stage. The Cetus price has jumped by 27% today and is trading at $0.165 at the time of reporting.

Advertisement

Community Votes Yes to SUI Loan Proposal

As reported by CoinGape, on 23rd May 2025, Cetus protocol, the largest SUI liquidation provider, suffered a massive $260 million hack. The community came around in support, including former Binance CEO CZ, in an incident that led to a significant loss to users.

Yesterday, the SUI foundation announced a secured loan to bridge the $60M  required to reimburse the funds lost by users in the hack. This recovery plan is aimed at helping users who lost funds in the attack.

As per an official post by Cetus, the final approval depends on the community vote to implement the recovery proposal and the SUI loan. Introducing the fund reimbursement scheme, the team stated,

We have great news. Using our cash and token treasuries, we are now in a position to fully cover the stolen assets currently off-chain if the locked funds are recovered through the upcoming community vote. This includes a critical loan from the Sui Foundation, making a 100% recovery for all affected users possible.

Further, Cetus wrote about the voting process, adding, “Because full recovery is dependent upon the results of the community vote, we humbly ask for the Sui community’s full support to recover the funds via the upcoming vote.” As per a tweet by Coinbureau, 55.4% of the community has voted yes to the proposal so far, thus paving the way forward for user funds recovery. 44.3% have yet to vote on the matter.

Source: Twitter, Coinbureau, 54% Cetus community votes yes to SUI Loan proposal

As a result of this update, the Cetus price has surged by more than 27% today. The trading volume is also up 218% in the last 24 hours. It is worth noting that the price fell by more than 100% on the day of the hack.

 

Source: coinmarketcap, Cetus price jumps 27%
Advertisement

Cetus Recovery Plan: A Closer Look

As outlined by Cetus, Sui requests the community to vote on a proposal to recover assets stolen from the Cetus protocol. The proposal aims to return the stolen assets, currently held in two attacker addresses, back to Cetus, as narrated in the Cetus Recovery Plan.

If the vote passes, a future Sui release will include a protocol upgrade enabling two special transactions to recover stolen assets. These transactions will be hardcoded to transfer funds from the attacker addresses to a Cetus multisig wallet, controlled jointly by Cetus, the Sui Foundation, and OtterSec, after verifying the voting results.

However, the platform pledges reimbursement regardless of the voting outcome.

Regardless of the outcome of the vote, recovery will begin immediately after. A detailed plan will follow. We deeply regret the impact caused by the recent incident and sincerely apologize to our users and the broader ecosystem for the exposure

Advertisement

Share
Sunil Sharma

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

Published by

Recent Posts

  • 24/7 Cryptocurrency News

Bank of America, Citigroup and Goldman Sachs Explore Issuing Stablecoins Pegged to G7 Currencies

A group of major world banks is working on a new stablecoin tied to G7…

October 10, 2025
  • Bitcoin News

Breaking: Bitcoin Falls After Trump Threatens ‘Massive’ Increase in Tariffs on China

U.S. President Donald Trump sparked panic in the crypto market after threatening to massively increase…

October 10, 2025
  • Bitcoin News

Breaking: $8 Trillion Morgan Stanley Opens Bitcoin Investments to All Wealth Clients

Morgan Stanley, which manages $8 trillion in assets under management (AuM), plans to allow all…

October 10, 2025
  • 24/7 Cryptocurrency News

Bitget Strengthens On-Chain Rewards Push With Early Hunter Airdrop Launch

Bitget has launched the fourth phase of its Early Hunter Airdrop, featuring BinanceLife (币安人生) and…

October 10, 2025
  • 24/7 Cryptocurrency News

Fed’s Chris Waller Reiterates Support for Rate Cuts but Urges Caution On Pace

Fed Governor Chris Waller has again expressed support for additional Fed rate cuts. However, he…

October 10, 2025
  • Ethereum News

Tom Lee’s Bitmine Immersion (BMNR) Adds Another $103M ETH to its Ethereum Stash

Bitmine Immersion, the largest Ethereum treasury company, quietly added another 23,823 ETH to its total…

October 10, 2025