Sui’s Cetus Protocol Unveils Recovery Plan, Targets June 8 Relaunch

Cetus Protocol is keen on moving past the tragic security breach in May with a new recovery plan for affected users. Amid the frenzy for a relaunch, SUI and CETUS prices are surging, but $60 million worth of stolen funds remain unrecovered.

Cetus Protocol To Relaunch On June 8

Nearly two weeks since Cetus Protocol suffered a security breach, the decentralized exchange is set to relaunch. According to an official statement on Medium, Cetus Protocol will relaunch on June 8, offering users full access to its functionalities.

Upon relaunch, users will be able to make swaps, manage their liquidity pool positions, and claim rewards. Ahead of the incoming relaunch, the statement revealed key steps taken by the Cetus Protocol team.

Firstly, the team has replenished all affected CLMM pools using funds from three main sources. A chunk of the funds came from recovered stolen assets, with $160M transferred to a wallet after an on-chain vote by validators. The team also turned to treasury funds to replenish pools and a $30 million USDC loan for the SUI Foundation.

Despite plans to replenish funds, Cetus Protocol says it will continue to pursue the remaining unrecovered funds. The announcement confirmed legal action in multiple jurisdictions and plans to use the funds for buybacks or to repay the SUI Foundation loan.

“We are highly confident that a successful arrest and recovering the remaining assets is only a matter of time,” read the statement

What’s Next For The Decentralized Exchange

As Cetus Protocol eyes a comeback, the DEX has unfurled several initiatives to avoid a repeat of the hack. For starters, the team says it will begin additional audits of its code base as an added layer of protection. A previous audit revealed the cause of the Cetus hack to be a flaw in the protocol’s software.

Apart from the audit, Cetus Protocol plans to upgrade its monitoring system to identify and neutralize threats in real time. Going forward, there are plans for a pivot toward an open-source protocol with the addition of bounty products.

The plans for a relaunch and incoming plans have sent the CETUS price on a strong rally. At press time, CETUS has surged by nearly 5% to trade at $0.128 over the last day. Previously, reports of a mass reimbursement to hack victims sent CETUS price surging by 35%, but the asset is down 40% in the last 30 days.

On the other hand, SUI price has also spiked by nearly 2% in the same period, riding the wave of a Cetus Protocol relaunch.