article Cetus DEX Offers $6M Bounty After $220M Hack as Sui Network Faces Centralization Concerns

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?

• Attack Date: May 22

• Stolen Funds: Over $220M in crypto assets

• Frozen Funds: $162M successfully frozen by Cetus shortly after the breach

• 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

• April 2024: $90M lost in 15 incidents (124% increase from March)

• Common Targets: Bridges, DEXs, and cross-chain protocols

How to Protect Your Assets

The Bigger Picture

This incident highlights two critical issues:

1. The tension between security and decentralization

2. 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?