Cetus Seeks Green Light to Recover $162M in Frozen Crypto

Crypto News Exploits

Cetus Seeks Green Light to Recover $162 Million in Frozen Crypto

Written by Aaron S.,

Editor-In-Chief

Last Updated: May 28, 2025

Key Takeaways

Cetus is asking its community to approve a protocol update to reclaim $162 million in frozen funds from a recent exploit;
The vote began on May 27 and requires over 50% participation and majority approval to pass;
If successful, the funds will be moved to a multisig wallet before being returned to users in full.

Stop overpaying - start transferring money with Ogvio. Sign up, invite friends & grab Rewards now! 🎁

Cetus Seeks Green Light to Recover $162 Million in Frozen Crypto

BITDEGREE IN YOUR SOCIAL FEED

Cetus has shared a recovery plan aimed at returning $162 million worth of frozen assets that were taken in a May 22 security breach.

The decentralized exchange (DEX) wants to move these funds out of the attacker’s wallets by asking for community support to approve a protocol update.

According to the Sui Foundation's post on X, the plan was put to a vote starting at 1 PM on May 27 and will stay open for up to seven days. Those who hold SUI tokens can delegate their votes to validators to choose "yes", "no", or "abstain".

Blockchain Transaction Easily Explained! (Animated)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

The Sui SUI $1.56 Foundation, to stay neutral, will not vote with its own tokens. For the proposal to pass, more than half of all staked tokens must participate, and the majority of the votes must be in favor.

If approved, the update would allow two wallet addresses, linked to the attacker, to each carry out one transaction. These would move the frozen funds into a multisignature wallet managed by Cetus, the Sui Foundation, and blockchain security firm OtterSec. This setup adds oversight before the funds are returned to users.

As of May 28, 37.3% had voted in favor, with no votes against. The rest have yet to weigh in. The vote could end early if the outcome becomes certain after 48 hours.

On May 15, Coinbase faced a $20 million extortion attempt after attackers bribed overseas support staff. How did the exchange respond? Read the full story.