Cetus Hack Victims on SUI Set for $162M Reimbursement

In a major development around the Cetus hack, 54% of the community has voted yes to the recovery plan combining frozen assets and a $60 million SUI loan. There is still 1 day left for final confirmation, but as per experts, current votes are sufficient to pass the early stage. The Cetus price has jumped by 27% today and is trading at $0.165 at the time of reporting.

Community Votes Yes to SUI Loan Proposal

As reported by CoinGape, on 23rd May 2025, Cetus protocol, the largest SUI liquidation provider, suffered a massive $260 million hack. The community came around in support, including former Binance CEO CZ, in an incident that led to a significant loss to users.

Yesterday, the SUI foundation announced a secured loan to bridge the $60M  required to reimburse the funds lost by users in the hack. This recovery plan is aimed at helping users who lost funds in the attack.

As per an official post by Cetus, the final approval depends on the community vote to implement the recovery proposal and the SUI loan. Introducing the fund reimbursement scheme, the team stated,

We have great news. Using our cash and token treasuries, we are now in a position to fully cover the stolen assets currently off-chain if the locked funds are recovered through the upcoming community vote. This includes a critical loan from the Sui Foundation, making a 100% recovery for all affected users possible.

Further, Cetus wrote about the voting process, adding, “Because full recovery is dependent upon the results of the community vote, we humbly ask for the Sui community’s full support to recover the funds via the upcoming vote.” As per a tweet by Coinbureau, 55.4% of the community has voted yes to the proposal so far, thus paving the way forward for user funds recovery. 44.3% have yet to vote on the matter.

As a result of this update, the Cetus price has surged by more than 27% today. The trading volume is also up 218% in the last 24 hours. It is worth noting that the price fell by more than 100% on the day of the hack.

Cetus Recovery Plan: A Closer Look

As outlined by Cetus, Sui requests the community to vote on a proposal to recover assets stolen from the Cetus protocol. The proposal aims to return the stolen assets, currently held in two attacker addresses, back to Cetus, as narrated in the Cetus Recovery Plan.

If the vote passes, a future Sui release will include a protocol upgrade enabling two special transactions to recover stolen assets. These transactions will be hardcoded to transfer funds from the attacker addresses to a Cetus multisig wallet, controlled jointly by Cetus, the Sui Foundation, and OtterSec, after verifying the voting results.

However, the platform pledges reimbursement regardless of the voting outcome.

Regardless of the outcome of the vote, recovery will begin immediately after. A detailed plan will follow. We deeply regret the impact caused by the recent incident and sincerely apologize to our users and the broader ecosystem for the exposure

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Sunil Sharma

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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