Cetus Protocol, a decentralized sui-native exchange which underwent a huge feat of $ 220 million in May, says that he is now working at open-source after his recent recovery.
An attacker exploited a lack of pricing mechanism to drain the tokens of the main liquidity pools of Cetus on May 22. The protocol managed to freeze $ 162 million from stolen funds shortly after.
Cetus’ commercial volume was upwards before the attack, recording more than $ 5 billion in April and an additional $ 5 billion in May, despite the closure of May 22.
Cetus liquidity renovated pools of loan and reserves
In an average post of June 7, one day before its recovery, the Cetus team said it was about to be completely open source, with a new white premium program, to “encourage technical and collective security contributions”.
As part of the recovery, the team says that it “worked 24 hours a day and corrected the vulnerability of the software, which allowed the hacking of restored pool data at correct prices and security audits on all code corrections and upgrades of contract.
The affected liquidity pools were reconstituted using a combination of $ 7 million in cash reserves, a USDC (USDC) loan of $ 30 million from the Foundation Su sur Foundation and some of the attacker’s recovered assets.
However, not all the pools were fully restored, the current recovery rate between 85% and 99%, depending on the quantity of pool was drained during the attack, according to the Cetus team.
Cetus reserves tokens for the compensation plan
As part of a remuneration plan for affected users, 15% of the native token offer of the protocol, Cetus, is reserved, with 5% available immediately and 10% unlocked linearly each month over the next year, from June 10.
The Cetus token is down more than 12% in the last 24 hours, negotiating $ 0.11, according to Coingecko.
It is also planned to upgrade the protocol monitoring system and have additional safety audit cycles.
The protocol is still in pursuit of funds
Cetus said that legal action was still on maps, with legal proceedings launched in “multiple jurisdictions” and that the organizations responsible for the application of laws “are also actively involved”.
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“The attacker ignored our previous white hat offer and began to try to whiten the assets – a futile and traceable act. We are very convinced that the successful arrest and the recovery of the remaining assets are only a matter of time,” said the team.
The day after piracy, Cetus offered a white hat bonus of up to 6 million dollars to the operator if they returned to the stolen 20,920 ether (ETH), worth more than $ 55 million, as well as the $ 162 million in frozen stolen funds on the SU.
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