Sui’s Cetus Protocol Unveils Recovery Plan, Targets June 8 Relaunch
Highlights
- Cetus Protocol has announced its incoming relaunch after a torrid couple of weeks.
- The protocol says it will continue to pursue unrecovered funds for the hacker.
- CETUS and SUI prices have rallied by nearly 2% following the announcement.
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.
- Asset Manager Pushes 45% HYPE Token Supply Cut, Analyst Calls $100 Price Target by Year-End
- Bitcoin, Ether ETF Data Signals Huge Selloff Sentiment Ahead of Fed Jerome Powell Speech Today
- Trump’s WLFI Confirms Debit Card & Retail App Launch Amid Partnership With Bithumb
- Vitalik Buterin Addresses Key Myths Over Coinbase L2 Base Custody Concerns
- 21Shares Spot DOGE ETF Secures DTCC Listing as Expert Predicts Dogecoin Rally
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
