- Sui Foundation commits $10M to improve ecosystem-wide dApp security post-incident
- Security push includes audits, bounties, and developer-focused formal verification
- Despite price dip, Sui sees incident as a turning point toward stronger resilience
The recent Cetus incident has sharply focused attention on the security of decentralized applications (dApps). While the root issue stemmed from a bug in Cetus’s math library, not a flaw within the Sui blockchain or its Move programming language, the consequences were felt by end-users just the same. This reality has prompted a strong and urgent response from the Sui Foundation.
In a clear move to address this, the Sui Foundation has pledged an additional $10 million to boost security across the Sui ecosystem. This investment aims to reinforce trust, support developers, and build more resilient dApps.
Sui Foundation Boosts dApp Security with $10M Fund, Focus on Developer Support & Audits
The Sui Foundation stressed that even though the Sui blockchain was not at fault, user impact makes no such distinction. Consequently, the team is taking a broader view on ecosystem security. Their approach includes not just patching vulnerabilities but also empowering developers with the tools and support needed to avoid them in the first place.
Related: Sui Blockchain Fast-Tracks Whitelist Function After Messy CETUS DEX Hack
Beyond the increased funding, the Sui Foundation plans to roll out a mix of initiatives. These include more frequent audits, expanded bug bounty programs, and formal verification of smart contracts.
Moreover, they aim to collaborate closely with developers to determine the most effective strategies. This collaborative approach shows a shift towards community-driven decision-making in security planning.
Sui Views Cetus Incident as Growth Opportunity, Doubles Down on Developer Education
Despite the setback, Sui sees this moment as part of its evolution. Like many other blockchain ecosystems, facing a security breach has become a rite of passage. However, what matters most is how the ecosystem responds. The Sui team believes that by working together with developers, they can make the platform stronger and more secure for everyone.
Related: SUI/Cetus Hack Update: $160 Million Of Over $220 Million Stolen Crypto Is Now Frozen
Importantly, the foundation acknowledged that even with a secure design, human error remains a persistent risk. Hence, Sui is doubling down not just on infrastructure but also on developer education and support.
SUI Token Price Dips Post-Cetus Incident; Trades at $3.50
Following the incident, Sui (SUI) saw a price drop. As of press time It trades at $3.50, down 2.78% in the past 24 hours and 9.48% over the past week.
The SUI token’s market cap currently stands around $11.7 billion, with its 24-hour trading volume approaching $917 million.
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Source: https://coinedition.com/sui-foundation-fund-10-million-security-boost-cetus-incident-dapp/