$160M of the $220M Stolen from CETUS DEX Have Been Recovered and Will Be Returned to Users' Pools

In a significant and rapidly developing situation, $160 million of over $220 million in stolen SUI-related funds have reportedly been frozen and are slated to be returned to Cetus pools.

A significant development has occurred in the rapidly unfolding story of the over $220 million SUI-related funds stolen in a recent hack. According to a Chief Product Officer (CPO) who has knowledge of the matter, $160 million of the stolen cryptocurrency has been frozen and is set to be returned to Cetus pools.

This major breakthrough comes swiftly after a hacker targeted CETUS, a leading SUI ecosystem decentralized exchange (DEX), draining its liquidity pool and causing the CETUS token’s price to plummet.

The initial attack saw the hacker withdraw the CETUS liquidity (LP) pool, which quickly resulted in a 40% decline in the crypto asset’s value. To add context, CETUS surged about 16% on Thursday morning, rallying from a $0.21928 opening price to a $0.24563 daily high, before quickly reversing course. After the hack, the cryptocurrency was changing hands around $0.17174, with full details of the incident still unfolding at that time.

Immediately following the exploit of CETUS, representatives from the HIPPO project, another top SUI ecosystem solution, have issued a notice indicating their support in resolving the ongoing issue on CETUS. In its latest post on X, the HIPPO CTO stated that they are evaluating the issue on all SUI tokens on CETUS, and they will step in to initiate buybacks if it becomes necessary.

Crypto platform exploits like the one observed on CETUS are a pressing concern in the industry. They tend to occur more frequently during periods of heightened crypto market activities, especially when digital assets experience substantial rallies. A logical assessment suggests that hackers capitalize on the increased influx of users and the likely distraction caused by the high volume of funds to exploit vulnerabilities in DEXs or other trading platforms.

The latest news regarding the $160 million freeze and impending return of funds marks a critical positive turn in what has been a fast-moving and closely watched situation. While the CETUS team had yet to provide a complete official clarification about the initial event at the time of the attack, this recovery news, attributed to a CPO, showcases the swift action being taken to mitigate the damage.

The HIPPO team’s message offers hope to users that they are working towards a resolution. However, fears of losing digital assets remain, with most users familiar with similar incidents in the past that could not be salvaged. In some instances, the losses were so substantial that the platforms found it difficult to recover from such setbacks.

The recovery of such a large sum of the stolen SUI funds will be a major relief to the Cetus community and the wider SUI ecosystem. As the CETUS token remains under significant bearish pressure after the hack, this development is likely to heavily influence market sentiment. Anticipation is high for further details on the return process to the Cetus pools and the full scope of the initial exploit.