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Sui Reveals Cause Of Cetus Hack, Commits $10M To Boost Network’s Security

Sui has stated that the Cetus hack was caused by a flaw in the protocol's software and committed $10 million to network security.
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Sui Reveals Cause Of Cetus Hack, Commits $10M To Boost Network’s Security

Highlights

  • The Sui network stated that the Cetus hack was caused by a bug in the DEX's math's library and no a malware in the network or Move.
  • Sui plans to spend another $10 million on security initiatives.

The Sui network has released a post-mortem report of what caused the $260 million Cetus hack, which shook its ecosystem last week. As part of the report, the network also announced plans to boost security, a move which is bullish for the SUI price.

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Sui Provides Report On The Cetus Hack

In an X post, the network revealed that the root cause of the Cetus incident was a bug in the protocol’s math, rather than a vulnerability in Sui or the Move programming language, which the network adopts for smart contracts. Sui remarked that the impact on users is the same and noted the need to take a holistic perspective to support the ecosystem’s security.

As CoinGape reported, the network’s largest decentralized exchange (DEX) and liquidity provider, Cetus Protocol, suffered a $223 million crypto hack last week. The network was able to freeze $162 million while Cetus put out a $6 million bounty to recover the remaining $60 million worth of stolen funds.

As part of efforts to boost the network’s security, Sui has committed to spending an additional $10 million on security initiatives. The network plans to spend these funds on audits, bug bounty programs, and formal verification. The team plans to collaborate with the developer community to finalize these security plans.

The report also noted that the network was built specifically to enable more secure smart contract development, which makes the first major incident for a dApp a “deeply sad” one for the team.

The team further remarked that this incident forms part of a coming-of-age moment, which “every major blockchain has unfortunately experienced,” since no system design or programming language can stop humans from writing bugs.

As such, the Sui team has called on community members to work together to learn from the incident, harden important code on the network, and help builders take necessary steps to emerge stronger.

At the time of writing, the SUI price is trading at around $3.56, with almost 0% change in the last 24 hours. The trading volume is also up by 1o% during this period, with $936 million traded.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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