Cetus Protocol Resumes Liquidity Services After Major $220 Million Hack

The Cetus protocol has resumed liquidity services on the Sui Network, signaling progress in recovery following a significant $220 million hack. While partial token swap functionality has been restored, efforts to recover remaining funds are underway. The initiative focuses on core liquidity services, aiming to mitigate future risks for the leading DEX on the Sui blockchain. This event highlights the impact of cyberattacks on the cryptocurrency ecosystem while demonstrating resilience and adaptability in the face of significant financial loss. The recovery process involves upgrades to contracts and collaborations with law enforcement authorities. A 40% decline in the CETUS token value occurred immediately after the breach, leading to halted trading and drained liquidity pools, which affected market sentiment. Despite these challenges, the Cetus protocol continues to work on recovering funds, while also seeking ways to strengthen security and prevent similar events from happening in the future.