Cetus protocol, a needle-country decentralized exchange, a major exploitation of $ 220 million in May, says it is now working on going to the open-source after its recent relay.
An attacker exploited a pricing mechanism defect on 22 May to drain the tokens from the major liquidity pool of CETUS. The protocol managed to freeze $ 162 million of theft funds shortly after.
Cetus had a quantity of trade Trending Registration of upwards before the attack, more than $ 5 billion in April and one and $ 5 billion in May, despite being closed after 22 May.
Cetus liquidity pool with loans and stores
In the medium post of 7 June, one day before its relaxation, the seat team Said It is moving towards being completely open, with a new white bounty program, “to encourage collective technical and safety contributions.”
As part of the relaunch, the team says that it “works around the clock” and packed software vulnerability, which allowed the hack to be restored to restore pool data for correct pricing and held security audit on all code fixes and contract upgrade.
The affected liquidity pool was filled with a combination of $ 7 million in cash reserves, $ 30 million USDC (USDC) loan from the Sui Foundation and some of the assets recovered from the attacker.
However, not all affected pools were completely restored, with current recovery rate between 85% and 99%, depending on how much pool was dried during the attack, according to the seat team.
Cetus sets tokens on one side for compensation scheme
As part of a compensation scheme for affected users, 15% of the indigenous token supply of the protocol, cetus, is being set on one side, 5% is available immediately and 10% to 10% of 10% from the next year is unlocked, which starts from 10 June.
Cetus token is more than 12% in the last 24 hours, trading at $ 0.11, According For coingecko.
There are also plans to upgrade the protocol monitoring system and additional rounds of security audit.
Protocol is still chasing money
CETUS stated that legal action is still on the card, “many courts” and “actively involved” in law enforcement agencies have also been initiated legal proceedings.
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The team said, “The attacker has ignored our previous white hat offer and started trying to do a meaningless and detective work. We are fulfilling that successful arrests and fixing the remaining property is just a matter of time.”
The next day of the hack, Cetus offered the exploiter a white cap of up to $ 6 million, if they return the stolen 20,920 ether (Eth), which costs more than $ 55 million, as well as $ 162 million in a frozen fund on needle blockchain.
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