Cetus announces recovery plan, seeking SUI to provide bridge loans

On May 28th, Cetus announced a recovery plan aimed at forcibly recovering $162 million in frozen funds from hacker controlled wallets through protocol level upgrades, following a $223 million vulnerability attack. Cetus has requested a community vote to restore the funds frozen after last week's hacker attack. The Sui Foundation has released on chain community voting codes, allowing Sui validators and holders to vote directly through staking commissions. The voting will start at 1pm Pacific Time on May 27th and last for seven days. It requires over 50% participation and approval from a majority of people to pass. Cetus stated that with its cash and token reserves, it is now able to fully cover stolen assets, including a significant loan from the Sui Foundation, which will enable all affected users to recover their losses 100%.