Cetus Protocol Transfers $162M to Multisig Wallet Following Security Breach

The Cetus Protocol has transferred $162 million in funds to a multi-signature wallet, following a security breach that impacted the platform. The move is part of a comprehensive recovery plan approved by the community, and aims to ensure user protection and bolster the protocol’s financial stability. 3rd party security experts OtterSec are co-managing this wallet with Cetus Protocol, ensuring secure fund management. Cetus Protocol expects to restart in a week following successful audits, but until then, liquidity is impacted. This event underscores the importance of decentralized governance for securing funds and mitigating risks after security incidents.