CETUS surges 30% after Sui community backs $162M fund recovery

The crypto market remained relatively calm on Monday as Bitcoin swayed around $109K. While altcoins eye imminent breakouts , Cetus Protocol’s native token, CETUS, stole the show with a nearly 35% price surge in the past 24 hours. The remarkable rebound comes amid the team’s continued efforts to erase post-hack damages. Notably, the Sui community has passed a proposal titled “Whether to Return Stolen Assets of the Cetus Protocol Through a Special Transaction,” with 55% “YES” votes (so far). Source – Sui scan The outcome allows the protocol to return $162 million in frozen assets held in the perpetrator’s wallet. CETUS displayed bullishness on its daily chart, rallying from $0.1283 to a daily high of $0.1717. That translates to a 33.83% jump, reflecting increasing investor confidence as the community addresses the latest security attack in the DeFi space. The native token trades at $0.1600, up from a recent low of around $0.12, triggered by the May 22 exploit that saw Cetus DEX losing assets worth over $200 million. CETUS crashed by over 70% from $0.2556 to $0.1488 immediately after the hack. However, the Cetus team has battled to retrieve the remaining funds after freezing $162 million. They even offered the perpetrator a $6 million whitehat deal and $5 million to anyone with information that could trace the hacker’s information, including location and contacts. Moreover, Sui launched $10 million to fund different security measures within its ecosystem. Meanwhile, the community displayed concerns over handling the frozen assets, with some believing the team’s control will undermine decentralization. That prompted the introduction of the latest proposal within the Sui community. Sui Foundation and OtterSec to monitor asset recovery The Sui Foundation will collaborate with security company OtterSec to oversee the fund transfer to a Cetus multi-sig wallet. The proposal read: If this vote passes, the next Sui release will include a protocol upgrade that enables a one-time authentication of two special transactions. These transactions will be hard-coded with the two attacker addresses, stolen asset objects, and their destination. It will verify the voting results and if approved, transfer the stolen funds from the attacker’s address to a Cetus multi-sig wallet with Cetus, the Sui Foundation, and OtterSec acting as signers. Remember, the $162 million in frozen assets have waited for a governance decision. Thus, Sui’s support underscores the team’s commitment to involving the community in key matters, further enhancing sentiments among CETUS investors. CETUS price outlook The native token has displayed resilience as the protocol navigates the latest attack, with the team’s recovery efforts keeping it afloat . CETUS trades at $0.1600 with adequate momentum to extend its rally in the near term. Chart by Coinmarketcap It will likely reclaim its daily high at $0.1717 and stretch to the key price level, $0.1922. Increased buyer momentum will likely propel CETUS to the crucial $0.2259 resistance, meaning a 40% upsurge from the current market price. However, CETUS remains poised for wild volatility, with developments associated with its latest hack influencing its short-term price actions. The post CETUS surges 30% after Sui community backs $162M fund recovery appeared first on Invezz

Source: Invezz