The Cetus hack on the Sui blockchain resulted in a loss of $223 million after hackers exploited a security flaw in the protocol’s smart contract code. Following this breach, the Sui Foundation announced it would provide a secured loan to Cetus, enabling the protocol to fully compensate users affected by the stolen funds. This loan forms part of a larger recovery strategy aimed at covering losses that Cetus could not handle alone. Sui Foundation to Support Cetus Hack Recovery The Sui Foundation’s loan is designed to help Cetus cover the stolen assets that have been bridged off the Sui blockchain. Cetus will combine these loan proceeds with its treasury funds to cover the total loss caused by the hack. According to a recent post on X by Cetus, this loan is a crucial step to enable a 100% recovery for users affected by the Cetus hack, assuming the locked funds… Read More at Coingape.com
The post Cetus Hack Update: Sui Foundation To Back Full User Loss Recovery Plan appeared first on CoinGape.
