🚀 Sui Ecosystem's Haedal Temporarily Suspends haeVault for Security Reasons
#SuiEcosystem #Haedal #haeVault #Security #LiquidityStaking #Blockchain #Cetus #UserSafety #SUI #HAEDAL
According to BlockBeats, the Sui ecosystem's liquidity staking protocol, Haedal, has announced the temporary suspension of its haeVault feature due to security concerns. The feature, which relies on Cetus's underlying pools, has been closed as a precautionary measure. Haedal is actively communicating with the Cetus team and other ecosystem partners to ensure comprehensive support wherever necessary. The safety of users remains the top priority for Haedal. The company has assured that once all risks are mitigated and the environment is deemed safe, the haeVault feature will be reopened. Other functionalities within Haedal remain unaffected, and the funds within the platform are secure.#SuiEcosystem #Haedal #haeVault #Security #LiquidityStaking #Blockchain #Cetus #UserSafety #SUI #HAEDAL
🚀 Cetus Protocol Offers $5 Million Reward for Hacker Information
#CetusProtocol #HackerReward #IncaDigital #SuiFoundation #Cybersecurity #Blockchain #CryptoNews #CETUS #SUI
According to Odaily, Cetus Protocol has announced that it has not yet received a response from the hacker and urges them to seriously consider the previously proposed negotiation terms. In collaboration with Inca Digital and the Sui Foundation, Cetus has offered a $5 million reward for information leading to the successful identification and arrest of the hacker, including their name, location, and concrete evidence. Information can be submitted via email to info@inca.digital with the subject line "Cetus lead." Cetus added that if the hacker chooses to cooperate and accept the proposal, no legal action or reward claims will be pursued. The reward amount will be paid at the discretion of the Sui Foundation.#CetusProtocol #HackerReward #IncaDigital #SuiFoundation #Cybersecurity #Blockchain #CryptoNews #CETUS #SUI
🚀 Sui Supports Efforts to Recover Stolen Funds from Cetus Protocol
#Sui #CetusProtocol #StolenFunds #Blockchain #Security #CommunitySupport #CyberCrime #FinancialReward #SUI #CETUS
According to BlockBeats, Sui has expressed its support for Cetus Protocol in its efforts to recover stolen funds. The organization encourages users with relevant information to provide leads, emphasizing that their priority remains the protection of the community and actively resolving the theft incident.
Previously, it was reported that the Sui ecosystem liquidity platform, Cetus, has offered a $5 million reward for information related to the hackers, with backing from Inca Digital and financial support from the Sui Foundation.#Sui #CetusProtocol #StolenFunds #Blockchain #Security #CommunitySupport #CyberCrime #FinancialReward #SUI #CETUS
🚀 Cetus Hacker Bounty Structure Criticized by Blockchain Investigator
#Cetus #Hacker #Bounty #Blockchain #Investigator #ZachXBT #Reward #Compensation #IndustryDevelopment #RiskAndReward #LawEnforcement
According to PANews, blockchain investigator ZachXBT has raised concerns about the bounty mechanism for tracking the Cetus hacker. He criticized the structure, which offers a $5 million reward only upon successful capture, as highly unreasonable and unlikely to be accepted by competent companies. In this model, victims bear no upfront risk, while those assisting must invest significant time and effort, creating a severe imbalance between risk and reward. ZachXBT argues that such vague bounties are detrimental to industry development, as they appear to prompt action but fail to effectively motivate capable individuals.
ZachXBT suggests that a fair compensation structure should consist of two parts: an hourly rate to compensate for initial time investment and a success-based commission, a practice common among top companies. He also noted that if attackers operate in jurisdictions where law enforcement is challenging, or if authorities fail to recover all funds during arrests, the fairness of these bounties becomes even more questionable.#Cetus #Hacker #Bounty #Blockchain #Investigator #ZachXBT #Reward #Compensation #IndustryDevelopment #RiskAndReward #LawEnforcement
🚀 SuiLend Prioritizes Security and Transparency in DeFi Lending
#SuiLend #DeFi #lending #security #transparency #audit #openSource #smartContracts #SUI #Cetus
According to Odaily, SuiLend, a DeFi lending service within the Sui ecosystem, emphasized its commitment to user safety and protocol integrity on the X platform. The company, along with SpringSui and STEAMM, assured users that their funds are protected from smart contract vulnerabilities. To enhance transparency, SuiLend has released third-party audit reports and open-sourced its code.
Previously, reports indicated that a hacker associated with Cetus had deposited $10 million worth of SUI assets into SuiLend, potentially with the intention of borrowing stablecoins.#SuiLend #DeFi #lending #security #transparency #audit #openSource #smartContracts #SUI #Cetus
🚀 Cetus Exchange Hack Reveals Vulnerabilities in Decentralized Systems
#CetusExchange #Hack #DecentralizedSystems #BlockchainSecurity #Dedaub #Cryptocurrency #Cybersecurity #Web3 #AutomatedMarketMaker #LiquidityParameters #TokenManipulation #SuiFoundation #Centralization #Decentralization #VentureCapital #BlockchainTechnology #SUI #CETUS
According to Cointelegraph, blockchain security firm Dedaub has released a detailed report following the hack of the Cetus decentralized exchange, pinpointing the exploit of liquidity parameters as the root cause. The attack was facilitated by a flaw in the automated market maker's (AMM) code, specifically an oversight in the most significant bits (MSB) check. This vulnerability allowed hackers to manipulate liquidity values significantly, enabling them to establish large positions with minimal token input and subsequently drain pools containing hundreds of millions of dollars worth of tokens.
The incident highlights a growing concern within the crypto and Web3 sectors regarding cybersecurity vulnerabilities. Industry leaders have repeatedly emphasized the need for robust security measures to protect users and prevent regulatory intervention. The hack, which occurred on May 22, resulted in $223 million in losses for Cetus users within just 24 hours. In response, Cetus and the Sui Foundation announced that Sui network validators managed to freeze a substantial portion of the stolen assets, totaling $163 million, on the same day.
However, the decision to freeze these funds has sparked debate within the crypto community. Advocates of decentralization have criticized the move, arguing that it contradicts the fundamental principles of blockchain technology. Critics claim that the intervention by Sui validators represents a shift towards centralization, undermining the decentralized ethos that many Web3 projects claim to uphold. This sentiment was echoed by users on social media, with one post on X stating that the actions of the validators effectively transform the network into a centralized, permissioned database. Steve Bowyer, in a May 23 post, pointed out the irony of Web3 projects backed by venture capitalists leaning towards centralization despite their purported alignment with Bitcoin's decentralized philosophy.#CetusExchange #Hack #DecentralizedSystems #BlockchainSecurity #Dedaub #Cryptocurrency #Cybersecurity #Web3 #AutomatedMarketMaker #LiquidityParameters #TokenManipulation #SuiFoundation #Centralization #Decentralization #VentureCapital #BlockchainTechnology #SUI #CETUS
🚀 Cetus Responds to Smart Contract Attack on Liquidity Pool
#Cetus #SmartContract #Attack #LiquidityPool #Sui #Blockchain #Security #Audit #CrossChain #Ethereum #FundsRecovery #CommunityTrust #SUI #ETH
According to BlockBeats, Cetus has released a report detailing a sophisticated smart contract attack on its CLMM liquidity pool that occurred on May 22. The attack exploited an undiscovered vulnerability in an open-source library, allowing the attacker to manipulate pool prices and inject minimal tokens into inflated liquidity. This was followed by repeated asset extraction through unchecked calculation functions, resulting in the theft of funds.
In response, Cetus swiftly froze two Sui wallet addresses containing the majority of the stolen funds, with the support of most Sui validator nodes. The remaining stolen assets were exchanged and transferred cross-chain to the Ethereum mainnet.
Cetus is collaborating with the Sui security team and multiple auditing firms to review contracts and conduct a joint audit to ensure the safe resumption of CLMM services. The company plans to enhance on-chain monitoring, initiate additional audits, and regularly publish security reports. To compensate affected liquidity providers, Cetus is working with ecosystem partners to develop a recovery plan and is urging Sui validators to support on-chain voting to expedite asset returns and rebuild user confidence.
While legal proceedings are ongoing, Cetus has offered the attacker a chance to return the funds under a white hat arrangement and is preparing to issue a final ultimatum. Cetus will continue to provide transparent updates to the community as developments occur.#Cetus #SmartContract #Attack #LiquidityPool #Sui #Blockchain #Security #Audit #CrossChain #Ethereum #FundsRecovery #CommunityTrust #SUI #ETH
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🚀 Cetus Protocol Plans Full Compensation for Hack Victims
#CetusProtocol #SuiBlockchain #hack #compensation #communityvote #recovery #trust #resilience #SUI #CETUS
According to Odaily, the Sui blockchain protocol, Cetus Protocol, has announced its readiness to fully compensate for assets stolen in a recent hack. The compensation will be funded through its own resources, token treasury, and a crucial loan from the Sui Foundation. If an upcoming community vote is approved, affected users could receive 100% reimbursement.
Cetus Protocol emphasized that while the compensation process depends on the vote's outcome, the recovery efforts will commence immediately after the results are announced, regardless of the vote. The company has pledged to release a detailed plan for the recovery process.
The official statement included an apology for the incident's impact and urged the Sui community to unite in restoring trust and resilience within the ecosystem.#CetusProtocol #SuiBlockchain #hack #compensation #communityvote #recovery #trust #resilience #SUI #CETUS
🚀 Cetus Hacker Yet to Return Stolen Funds, Community Submits Leads
#Cetus #hacker #stolenFunds #ETH #SlowMist #community #leads #cryptocurrency
According to Odaily, SlowMist's Cosine reported on the X platform that the hacker responsible for the Cetus incident has not yet returned the stolen funds. The hacker, who holds over $60 million worth of ETH, has not made any further transfers. Community members have submitted potential leads related to the Cetus hacker, and more details may be disclosed in the future.#Cetus #hacker #stolenFunds #ETH #SlowMist #community #leads #cryptocurrency
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🚀 Cetus Protocol Advances Recovery After Hack with Multisig Wallet Transfer
#CetusProtocol #SuiEcosystem #DecentralizedExchange #MultisigWallet #CryptoRecovery #BlockchainSecurity #CommunityEngagement #HackIncident #CETUS #SUI
According to Odaily, the decentralized exchange Cetus Protocol, part of the Sui ecosystem, has announced progress in its recovery process following a recent hack. The funds previously isolated on the Sui network have been securely transferred to a multisig trust wallet managed jointly by Cetus, the Sui Foundation, and OtterSec. This marks the next phase in the recovery efforts.
To keep the community informed and engaged, Cetus Protocol plans to hold a Space meeting on June 2, where they will review the details of the hacking incident and share updates on the recovery progress.#CetusProtocol #SuiEcosystem #DecentralizedExchange #MultisigWallet #CryptoRecovery #BlockchainSecurity #CommunityEngagement #HackIncident #CETUS #SUI