Sui Network Launches $10 Million Fund to Enhance System Security

Sui Network has established a $10 million fund to enhance security following the $223 million loss from the Cetus Protocol hack. The fund will be allocated for audits, bug bounties, and developer tools, with input from developers and community members.

The Money And The Plan

The $10 million fund is a shared resource guided by the community.
Bug bounties will reward those identifying critical flaws.
Audits will cover both core code and popular decentralized applications (dApps).
New tools aim to help developers identify issues before launch.

Governance Tensions On Display

Sui is considering a vote for returning frozen assets to Cetus users.
Critics express concerns over centralization of decision-making power among validators.
The Sui Foundation claims neutrality in governance discussions.

Incentives To Catch The Hacker

Cetus offers a $6 million white-hat bounty for recovering stolen funds.
Sui adds a $5 million reward for information leading to the hacker's capture.
Total potential rewards amount to $11 million.

Since the hack, SUI’s price decreased by 15%, dropping from approximately $4.28 to $3.50, but has since rebounded by 6% to $3.72.

What Comes Next For DeFi On Sui

Total value locked (TVL) is slowly increasing.
Bridged TVL shows growth from other blockchains.
DEX volume and app revenue have not yet returned to pre-hack levels.