Cetus Hack Aftermath: Refunds Promised, Token Price Plummets

Following a significant security breach in the Cetus cryptocurrency protocol on May 22, 2025, developers have made progress towards returning user funds. On-chain voting resulted in approximately $160 million in frozen assets being transferred to a multisig wallet jointly managed by Cetus, the Sui Foundation, and security firm OtterSec. This step marks an important first response as the protocol works to recover from the attack which saw attackers exploit vulnerabilities in open-source smart contract libraries and manipulate prices in liquidity pools, resulting in the loss of around $223 million worth of SUI and other tokens.