Cetus Offers $6 Million Bounty Following $220 Million SUI Hack
Cetus, the decentralized exchange on the Sui blockchain, is offering a $6 million bounty for the return of $220 million in stolen funds following a major exploit on May 22. The DEX managed to freeze $162 million shortly after the hack.
- The bounty includes 20,920 Ether valued at over $55 million.
- Cetus stated that if the hacker returns the funds, they will not pursue further legal action.
- Threats were issued against the hacker if assets are moved off-ramp or sent to crypto mixers.
Recovery Efforts
The SUI team has deployed emergency measures allowing transactions to bypass security checks to recover funds connected to the hack. Validators have held off deploying patched code but are currently blocking transactions involving the hacker.
- Critics argue this undermines decentralization principles.
- Supporters view it as a necessary step for progress.
The price of SUI has dropped to $3.85 after being rejected at $4.2, with trading volume up 45% to $3.4 billion. Recovery of the funds is seen as critical for price stabilization.
Last week, SUI had positive institutional inflows, outperforming XRP and ADA, but is now experiencing losses amid broader market uncertainty.