Overview
The Cetus Protocol has resumed its activities after a 17-day halt triggered by a $223 million exploit. The protocol has successfully retrieved approximately $162 million of stolen assets and has initiated legal proceedings against the hacker, who has yet to respond to negotiations.
Key Highlights
- On May 28, Sui provided a loan to compensate Cetus users for their preliminary losses, restoring liquidity pools to 85-99% of their initial levels.
- The total value locked (TVL) in Cetus has bounced back to $124 million, a decrease from the $284 million it held before the incident.
Exploit Details
The hack unfolded when an attacker capitalized on a weakness in the shared math library contract of Cetus, misrepresenting the value of a token as worth millions. Despite efforts to engage in direct negotiations, the attacker proceeded to launder funds through the coin-mixing service Tornado Cash.
Current Status
The liquidity utilized within the pools has been substantially replenished, enabling users to transact on the platform with minimal slippage. Furthermore, the Cetus token (CETUS) has observed a decline of 44% in its value over the last month, with a slight dip of about 1% in the past 24 hours, as noted by CoinMarketCap.
Conclusion
With systems back online, Cetus Protocol is working towards regaining full user confidence and restoring its standing in the decentralized exchange market.
