Cetus Protocol Bounces Back with a Bang After $223M Heist!

Relaunch Ignites New Roadmap and Open-Source Push

Hold onto your hats, crypto fans! Sui's Cetus Protocol is back in action with a sizzling relaunch that's set to redefine the game. After a jaw-dropping $223 million exploit, they've rolled out a new roadmap, open-source plans, and a hefty compensation program that's turning heads.

Security Overhaul and White Hat Heroes

In a June 8 blog post that lit up the crypto world, Cetus unveiled its post-relaunch strategy. They're pulling out all the stops to beef up protocol security, upgrade those monitoring systems, and dive headfirst into full open-sourcing. But wait, there's more! A revamped white hat bounty program is now in play, rallying the community to keep the platform safe and sound.

CLMM Pools Back in Business

The team didn't just stop at promises. They've refilled all affected CLMM pools with a mix of recovered assets, treasury funds, and a cool $30 million loan from the Sui Foundation. Liquidity providers, get ready to reclaim your spots with recovery rates soaring from 85% to 99%, depending on how bad the hit was to each pool.

CETUS Tokens to the Rescue

To cover those pesky unrecovered losses, Cetus is throwing 15% of its native CETUS token supply at affected users. You can snag 5% right off the bat, while the rest, 10%, will unlock monthly over the next year, starting June 10. And don't worry about inflation—the team's using unvested team tokens within the existing supply cap.

LP Position NFTs: Your Golden Ticket

Here's the kicker: compensation claims are linked to LP position NFTs, which will stay valid as certificates for CETUS redemption, even after you pull out your liquidity. Talk about a win-win!

Security Audits and Future Fortifications

Cetus isn't messing around with security. They've completed new audits covering every code patch, contract upgrade, and the compensation contract. And they're not stopping there—more audits and real-time threat detection upgrades are on the horizon to keep the protocol rock-solid.

The Exploit That Shook the World

Remember May 22? That's when an attacker pulled off a slick move, exploiting a flaw in a third-party code library to manipulate Cetus's liquidity pool pricing. But the Cetus team didn't just sit back and watch—they froze operations and teamed up with Sui validators to chase down those assets. A May 29 on-chain governance vote greenlit the transfer of $162 million in frozen funds to a multisig wallet for recovery, with the Sui Foundation backing the effort with a USDC loan to cover off-chain losses.

Legal Eagles and Asset Recovery

The legal battle is heating up in multiple jurisdictions, with law enforcement agencies hot on the trail. The attacker, who snubbed a $6 million white-hat bounty, is trying to launder those stolen assets, but Cetus says most movements are still traceable. "We are highly confident that successful arrest and recovering the remaining assets is only a matter of time," Cetus declared in their latest announcement.

What's Next for CETUS Holders?

If more funds get recovered during the compensation period, users can swap their CETUS for USDC. Once that window closes, any leftover funds will fuel token buybacks and beef up the community treasury.

CETUS Price: A Bumpy Ride

Despite the fiery relaunch, CETUS took a 7% hit on the day, continuing a slide that started in May. But with Cetus's bold moves, the future looks brighter than ever.