Cetus launches a referendum on compensation for stolen assets worth $223 million, and DeFi security has attracted attention again
On May 28, Cetus, the leading DEX platform in the Sui ecosystem, officially announced that it would initiate a community governance vote on the theft of $223 million in assets to decide whether to make full compensation through a combination of "protocol funds + Sui Foundation loans". This decision has sparked widespread discussion in the DeFi community and is regarded as an important test of industry responsibility standards.
The source of the incident shows that the security vulnerability originated from a code defect in the centralized liquidity market maker (CLMM) smart contract adopted by the platform. After the hacker attack on May 22, it not only caused direct asset losses, but also triggered a chain reaction: the prices of multiple Sui ecosystem tokens flash crashed by 90%, and the platform's native token CETUS was halved in a single day, with the market value evaporating by more than half.
The Cetus team emphasized three key information in the incident report:
The vulnerability has been technically fixed
The compensation procedure will be unconditionally initiated
Full compensation depends on community consensus
According to the disclosed compensation plan details, if the vote is passed, the funds will come from three channels: the platform's existing cash reserves, token library assets, and special loans provided by the Sui Foundation. Industry observers pointed out that this "platform + ecological fund" joint compensation model is the first in the history of DeFi, and its implementation effect may establish a reference paradigm for subsequent similar events.
At present, the community's response to the proposal is polarized: supporters believe that this is a necessary measure to rebuild user confidence; opponents are worried that excessive compensation may affect the long-term development of the protocol. The voting results are expected to be announced within the next 72 hours, when the platform will immediately initiate the corresponding compensation process according to the resolution.
This incident once again highlights the importance of smart contract security in the DeFi field. Many analysis agencies recommend that investors should focus on key indicators such as the project's security audit history, emergency response mechanism, and fund reserves when participating in DeFi projects.
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