Cetus Protocol, a Sui-native decentralized exchange that suffered an enormous exploit of $ 220 million in May, says that after its recent relaunch it’s now working open.
An attacker used a price mechanism on May twenty second to let Token from Cetus' large liquidity pools. Shortly afterwards, the protocol managed to freeze 162 million US dollars of the stolen funds.
The trading volume at Cetus was up before the attack and in April over 5 billion US dollars and an extra 5 billion US dollars registered in May, though it was closed after May twenty second.
Cetus liquidity pools were stuffed with loans and reserves
In a middle post on June seventh, the day before his relaunch, the Cetus team said that with a brand new White Bounty program it moves completely into qualification so as to “promote collective technical and cross-security contributions”.
As a part of the relaunch, the team “worked across the clock across the clock” and patched the software security susceptibility, which allows the hack, restored pooldates to the appropriate prices and carried out security audits for all code corrections and contract improvements.
Source: Cetus
Affected liquidity pools were stuffed with a mix of seven million US dollars of money reserves, a loan of $ 30 million (USDC) by the Sui Foundation and among the attacker's assets recovered.
However, not all affected pools were completely restored, with the present restoration rate between 85% and 99%, depending on how much pool was drained throughout the attack, in keeping with Cetus team.
Cetus puts token for the compensation plan aside
As a part of a remuneration plan for affected users, 15% of the native token offer of the Cetus protocol is put aside, whereby 5% immediately and 10% linear were unlocked in the subsequent 12 months, from June tenth.
The Cetus token has dropped by over 12% within the last 24 hours and, in keeping with Coingecko, acts at $ 0.11.
It can also be planned to enhance the protocol monitoring system and offer additional security audits.
The protocol remains to be pursuing funds
Cetus said that legal steps are still on the rise, whereby legal proceedings are also “actively involved” in “multiple jurisdiction” and law enforcement authorities.
“The attacker ignored our former white hat offer and has began to clean assets – a unsuccessful and comprehensible act. We are very confident that a successful arrest and restoration of the remaining property is barely a matter of time,” said the team.
The day after the hack, Cetus offered the exploiter a premium of as much as $ 6 million in the event that they declined the stolen 20,920 ether (ETH) price over 55 million US dollars and the $ 162 million US dollars frozen on the SUI blockchain.
