SUI Validators has been a key stage for repaying the entire user by approving governance proposals to return $ 162 million frozen assets related to the recent exploitation of the recently distributed Exchange Cetus.
CETUS was exploited on May 22 as a digital asset of more than $ 222 million, but the validity test was able to freeze $ 162 million immediately after the incident.
According to the official governance page of the network, SUI Validators passed the recovery proposal on May 29 with a 90.9%vote in the governance voting, and 1.5%of the abstention and 7.2%did not participate.
SUI said in the X POST on May 29, “The funds affected by this result can be transferred to the multi -cage wallet and can be trusted until they can be returned to the user according to the plan led by CETUS.
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This decision is based on the controversy over the role of the validity test in the Crypto community.
Some decentralized advocates criticized the ability to freeze the effective prosecutor’s funds, but other industry watchers praised the rapid response to the exploitation of the growing encryption industry.
Community votes are part of a wide range of recovery plans, including the use of the Treasury of CETUS and emergency loans by the SUI Foundation.
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CETUS aims to restart and fully recover within a week.
CETUS thanked the fast community support and shared the recovery roadmap after the vote.
First, Sui Validators implements upgrade to transfer Frozen Funds to Cetus Multisignature Wallet, and CETUS can start upgrading for emergency recovery and full data restoration.
The protocol added in the X post on May 29:
“A dedicated compensation contract is being developed and we will be reviewed before distribution.”
After the entire protocol is restarted, all liquidity providers in the influenced pool can be found in access to the recovered liquidity, and the remaining losses will be “billed through compensation contracts.”
https://www.youtube.com/watch?v=ndv0rfehetq
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