Sui community (SUI), which is a group of cryptocurrency enthusiasts, appears to be ready to approve a plan for recovering $162,000,000 worth of coins that were stolen last week from decentralized exchange Cetus Protocol.
A hacker targeted the concentrated liquidity market makers (CLMMs) of the DEX’s decentralized exchange (Cetus) last week with an advanced smart contract exploit, and stole approximately $223,000,000 worth of assets.
DEX immediately froze assets worth $162,000,000. Sui is voting now on a proposal to enable a special transaction that will return the frozen assets of two attacker addresses to Cetus.
The vote, if passed, would allow for a single authentication of 2 special transactions, hard coded with two addresses and stolen assets, as well as their destinations.
To maintain neutrality, the Sui Foundation stake is not included in the weighting of votes. If more than half of all stakes participate and there are more votes for “yes” than votes against, the vote will pass.
It is possible that the voting process will end next week. However, if there are no changes to the result, the vote could be passed as soon as this Thursday. This is likely to occur, as 71% of validators had already voted in favor of “yes”, compared with 0.3% voting against, 1.5% abstaining, and 27,2% still to vote.
Cetus announced last week that, subject to the passage of the vote, it will be able to cover all remaining losses through cash, token treasures and a Sui Foundation loan.
We ask the Sui Community to support us in recovering the money through the vote. This is a very unusual request, but we believe it’s the best decision for all those who are affected.
Please follow us at X@InvCryptoDaily
Subscribe for email alerts to avoid missing a beat
___________________
___________________
Sources of Images include Pixabay Creative Commons & Midjourney
The post Sui Community launches a vote on recovering $162,000,000 of stolen crypto from hacker could be updated as new information becomes available.
