CETUS eyes 40% rebound amid team’s swift response to reverse post-heist damages

Sui-based liquidity protocol Cetus was the most talked about project as Bitcoin climbed to record highs above $111K on May 22. Cetus protocol suffered a security breach that saw it lose over $200 million as perpetrators accessed its smart contracts. The team confirmed that the attacker siphoned $223 million from its smart contracts. The company is working to recover the stolen assets, with $162 million already frozen. The altcoin displays oversold conditions after substantial declines, signaling potential recoveries in the near term. Cetus trades at $0.1615, and confirming $0.1319 as support could trigger uptrends to $0.1922. That might attract more trading activity and volumes, supporting a potential 39.88% uptick from CETUS’ current price to the key resistance at $0.2259. Team’s swift response after exploit The hacking incident sparked widespread fears, which saw SUI plummet amidst broad-based rallies . However, the team reacted immediately, locking its smart contracts to prevent more losses. That saw it freezing $162 million of the stolen funds. The team also negotiated with the perpetrators to keep $6 million and return the remaining sum. Also, Binance founder Changpeng Zhao revealed plans to support Cetus’s recovery efforts. Cetus emphasized working with the Sui Foundation and other ecosystem participants to navigate recovery channels. Moreover, the project is working with law agencies to bolster retrieval efforts. The protocol has also announced a $5 million bounty for relevant information, including name, proof, and location, that can help identify and arrest the attackers. Cetus🐳 @CetusProtocol · Follow 🔊UPDATE: We have not received any communication from the hacker. We encourage the hacker to sincerely consider our offer terms.Simultaneously, with the support of Inca Digital and financial support from Sui Foundation, we are announcing a bounty of $5M for relevant information 4:58 PM · May 23, 2025 603 Reply Copy link Read 185 replies They stated: With the support of Inca Digital and financial support from the Sui Foundation, we are announcing a bounty of $5M for relevant information that results in the successful identification and arrest of the hacker(s). CETUS price outlook: bearish but bottoming The altcoin plunged swiftly to $0.1488 from $0.2556 minutes after the hacking incident. CETUS hovers at $0.1656 after a 3% bounce-back on its daily price chart. Chart by Coinmarketcap While its price action remains shaky with massive bearish pressure, technical indicators suggest a potential U-turn. Firstly, the Relative Strength Index’s reading of 28.50 places CETUS firmly in the oversold area. That indicates weakening bearish momentum and possible upside resurgences. The Average Direction Index is at 31.7, confirming that the downtrend could be approaching exhaustion. Moreover, the Moving Average Convergence/Divergence (MACD) nears a crossover, signaling a potential momentum shift. Meanwhile, the 39% Bollinger band width hints at surging volatility, setting the ground for a massive price action in either direction. Stability beyond the $0.1319 support barrier would support an upswing to $0.1922. That might renew trader interest and catalyze a bull charge toward the key resistance at $0.2259. That would mean a 39.88% increase from CETUS’ current price. Factors such as the hacker accepting the offer to return the stolen assets could restore investor confidence and fuel the uptrend. However, losing the crucial foothold of $0.1319 could trigger extended consolidation and price declines. The post CETUS eyes 40% rebound amid team’s swift response to reverse post-heist damages appeared first on Invezz

Source: Invezz