sui Foundation Stays Neutral in Cetus Fund Recovery Vote
The Sui Foundation has decided not to take sides in an upcoming community vote about recovering $162 million in frozen funds from the Cetus protocol hack. The blockchain network is gearing up for an on-chain governance vote to decide if a protocol upgrade should be implemented to return the locked funds.
After Wednesday’s action by Sui (SUI) validators to freeze stolen assets, Cetus formally asked for community approval. The upgrade aims to return the locked funds without reversing transaction history or rolling back the blockchain.
Sui validators acted swiftly to freeze $162 million of the stolen funds. They used their configuration files to ignore transactions from addresses linked to the attack. This effectively immobilized the assets. Though, about $60 million had already been moved before the freeze.
Cetus is working with Inca Digital, security firms, and law enforcement to recover the remaining funds.The Sui Foundation laid out two conditions for supporting the community vote. First, it will remain neutral. Second, Cetus must commit all available resources to customer restitution.
Cetus has offered a $6 million bounty to the hacker to retrieve the funds. The protocol upgrade vote will involve major network participants, including validators and SUI token stakers.
