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Cetus Protocol Relaunches After Exploit, Goes Open Source to Rebuild Trust
The decentralized exchange (DEX) on the Sui blockchain, Cetus Protocol, has made a bold move by relaunching after a disastrous exploit that drained liquidity from several pools. The company is eager to put the crisis behind it and focus on rebuilding trust with its community. This decision comes as no surprise given the gravity of the situation.
A severe exploit hit Cetus, a key player in the Sui DeFi ecosystem, disrupting operations and depleting liquidity from numerous pools. In response, the team executed a full platform reboot and has successfully restored affected liquidity pools to between 85% and 99% of their original assets. This rapid recovery underscores both the determination of the protocol and the dedication of its development team to bounce back stronger.
The Cetus team is taking proactive steps to regain the trust of its stakeholders by launching a community-first recovery plan. To mend the damage, they will distribute 5% of their native token, $CETUS, to affected users immediately. Furthermore, an additional 10% will be unlocked over the next 12 months, starting from June 10th. This staggered release aims to mitigate any adverse effects on the token’s price.
It is imperative for stakeholders in the cryptocurrency sector to demonstrate a commitment to transparency and accountability. The Cetus team is taking this seriously by pursuing legal action against the perpetrator of the exploit. Investigations are ongoing across multiple jurisdictions, with several individuals involved. Although the specifics of the attack have not been disclosed, it is clear that Cetus will not tolerate such incidents in the future.
The real game-changer, however, is the announcement to go open source. This critical step signals a significant pivot away from their previous closed-source approach and embarks on an ambitious path toward decentralization. By doing so, Cetus Protocol has demonstrated its commitment to transparency, accountability, and user trust.
Source: nulltx.com
