SimbaOnSui

Sui Foundation is providing Cetus with a secured loan as part of a plan to quickly compensate user losses in full. The Cetus team will use these loan proceeds together with assets from their treasury to cover losses from the stolen funds that have been bridged out of the Sui network. This loan will allow Cetus to cover losses beyond what Cetus could fund on their own. These funds apply only to cover the bridged assets, and are separate from the frozen funds subject to the onchain community vote. These are extraordinary measures taken to protect the Sui community. Taken together with the onchain community vote proposal, a full recovery is possible. Sui Foundation stands strong in its efforts to support its members.

Thank you to the Cetus team for sharing your Q&A. We appreciate your dedication and commitment to quickly resolving this matter. In support, we are working on the design of the upcoming onchain community vote and will share further details with the Sui community soon.