Александр Усенко

Within just 48 hours, the Sui community united to pass a critical on-chain vote — marking a pivotal moment for the entire ecosystem. Cetus extends our deepest gratitude to the >90% of validators and stakers who voted in favor. Regardless of your stance, your participation represents a collective step forward in resolving this incident and strengthening our shared future. 💪 Cetus is aiming to complete its full recovery and restart in approximately one week, which will include data restoration, restarting the upgraded CLMM contract, and fully resuming all paused product functions including LP functions. etc. Here’s our recovery roadmap for the coming week: 1. Protocol upgrade: The Sui validators will implement the upgrade to transfer frozen funds to Cetus’s multisig trust (Cetus, OtterSec, and the Sui Foundation are keyholders). 2. CLMM contract upgrade: Our upgrade enabling emergency pool recovery is complete and currently under audit. 3. Data restoration: We will restore pool data and calculate liquidity losses for each attacked pool. 4. Asset conversions + deposits: Because the attacker executed a significant number of swaps during the exploit, the retrieved assets are already far from their original forms. We will conduct necessary asset conversions using Cetus’s good-faith determination of minimal-impact strategies to avoid large swaps or excessive slippage, with the goal of efficient and fair pool rebalancing being of utmost importance. 5. Compensation contract: A dedicated compensation contract is under development and will undergo auditor review before deployment. 6. Peripheral product upgrades: We are upgrading related modules to ensure full compatibility with the upgraded CLMM contract for a smooth relaunch. 7. Full protocol restart: All core product functions will resume. LPs in affected pools will regain access to their recovered liquidity, and any remaining losses will be claimable through the compensation contract. Pools that were not impacted will continue as normal. 8. Cetus is fully back online. We understand the following week will not be easy, and we sincerely appreciate your patience as we navigate these complex yet critical steps with trusted partners to ensure utmost security. Our team is fully mobilized and working around the clock to deliver a recovery that is safe, thorough, and complete as soon as possible. We will be sharing updates on the progress in full transparency. Thank you for standing with us. Together, we are building a stronger, safer, and more resilient Cetus and Sui DeFi ecosystem. 🌊🌊🐳

xCETUS Update 🐳 This week’s xCETUS rewards are proceeding normally (as the rewards were registered before the incident) and have just been successfully distributed. Please note that xCETUS staking rewards will be temporarily suspended for one week due to the CLMM pool halt and recovery process. We sincerely apologize for the inconvenience. A strong comeback is on the way — stay tuned! 💪

🔥 LATEST: Sui's DEX trading volume exceeded $42B in 2024. Cetus drove a significant $27.4B of this total.