The decentralized exchange Cetus has proposed a $6 million white hat bounty to recover $220 million stolen in a recent exploit, while emergency actions by the Sui Network have sparked debates about true decentralization in blockchain ecosystems.
The Exploit: What Happened?
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Attack Date: May 22
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Stolen Funds: Over $220M in crypto assets
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Frozen Funds: $162M successfully frozen by Cetus shortly after the breach
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Hacker’s Loot: 20,920 ETH (~$55M) still unrecovered
The $6M White Hat Offer
Cetus sent an on-chain message to the exploiter, proposing:
✔ Keep $6M (2,324 ETH) as a bounty for returning the stolen funds
✔ No legal action if funds are returned promptly
✔ Full escalation if assets are moved to mixers or off-ramped
Sui Network’s Controversial Move
The rapid freezing of $162M has raised questions:
Critics argue that such control contradicts DeFi’s core principles, while supporters claim it prevented greater losses.
Crypto Hacks on the Rise
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April 2024: $90M lost in 15 incidents (124% increase from March)
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Common Targets: Bridges, DEXs, and cross-chain protocols
How to Protect Your Assets
The Bigger Picture
This incident highlights two critical issues:
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The tension between security and decentralization
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The growing sophistication of DeFi exploits
As Cetus negotiates with the hacker, the crypto community watches closely—will this set a new standard for post-hack recovery?
Source
Source: Suivision & Immunefi
