Sui Validators Vote on $162M Cetus Recovery Proposal
- A recovery plan to secure $162M in stolen assets is close to approval by SUI validators.
- Three signatures are needed for security in the multisig wallet used for the recovery.
- With increased market volume and activity, the price of the Sui token rises by 6.4%.
The Sui community is voting for a governance proposal to recover $162 million in assets stolen from the Cetus Protocol. The stolen funds currently remain in two addresses controlled by the attacker. The plan will enable a protocol upgrade to transfer these assets back to Cetus through a multisignature wallet.
The current voting results demonstrate strong validator support and mark a significant effort to restore trust after the security breach. The next Sui network release will implement the upgrade, enabling the one-time authentication of two special transactions to execute the recovery.
Validator Support and Governance Details
According to SuiScan, of 114 validators, 51 voted “Yes,” while 2 voted “No,” and 61 remained undecided. No validators abstained. The proposal required more than 50% of the total stake (excluding abstentions) to vote “Yes” and the “Yes” weighted stake to exceed the “No” weighted stake for approval.
Voting could close early after two days if the unvoted stake could no longer affect the outcome. This governance approach highlights the Sui community’s commitment to decentralized decision-making and rapid response to security issues.
The protocol upgrade will hard-code two special transactions detailing the attacker addresses, stolen assets, and recovery destination. The process will verify voting results and, once approved, transfer the stolen funds to the multisignature wallet. This multisig wallet requires signatures from Cetus, the Sui Foundation, and OtterSec, ensuring multiple parties oversee the asset recovery. This coordinated effort strengthens network integrity and supports secure management of the stolen assets.
Related: SUI Blockchain’s Cetus DEX Hacked, $11M Drained in SUI
Market Reaction and Token Metrics
Sui’s native token (SUI) is currently trading at $3.72, showing a 6.40% increase over the last 24 hours, according to CoinMarketCap data. The market capitalization stands at $12.43 billion, reflecting a similar 6.40% rise. Trading volume surged by 44.52%, reaching $1.24 billion, signaling heightened market activity and investor interest. The fully diluted valuation (FDV) is approximately $37.25 billion.
Source:
CoinMarketCap
The volume-to-market-cap ratio is about 10.07%, which means the amount of trading activity is impressive compared to the size of the whole market. Prices on the chart are rising steadily across the day in response to positive changes in regulation.
The outcome of the vote will play a crucial role in shaping the community’s response to the asset recovery effort. How effectively these new governance and recovery mechanisms are implemented will have a long-term impact on trust in the Sui blockchain.
The post Sui Validators Vote on $162M Cetus Recovery Proposal appeared first on Cryptotale.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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