- Sui commits $10M to audits, bug bounties, and developer tools after Cetus exploit
- Governance vote and price drop spark decentralization debate, but recovery signs emerge in TVL and metrics
In response to the recent Cetus hack and mounting community backlash, Sui Network [SUI] has unveiled a $10 million security initiative aimed at strengthening its ecosystem. The overhaul focuses on audits, bug bounties, and enhanced developer tools – A decisive move towards proactive security and shared accountability.
SUI’s mammoth security fund
Sui Network’s $10 million security fund was announced, along with an official explanation as to what actually took place.
Source: X
The network has explained that the $223 million exploit of Cetus Protocol stemmed from a bug in Cetus’s custom math library – Not a flaw in the Sui blockchain or the Move programming language. The team further acknowledged that the user impact reflects on the broader network.
Importantly, they have reassured that the allocation of these funds will be shaped collaboratively with the developer community – An effort towards shared accountability and long-term resilience for dApp builders.
Governance under fire
Source: TradingView
Source: DeFiLlama
Source: https://ambcrypto.com/sui-network-unveils-10m-security-plan-after-cetus-hack-details/