Cetus unveils recovery plan, seeks bridge loan from SUI

On May 28th, Cetus unveiled a recovery plan aimed at forcibly recovering $162 million of frozen funds from a hacker-controlled wallet through a protocol-level upgrade after suffering a $223 million vulnerability attack. Cetus has requested a community vote to recover funds that were frozen after last week's hack. The Sui Foundation has released an on-chain community voting code that allows Sui validators and holders to vote directly by pledging. Voting kicks off on May 27th at 1pm PDT and lasts up to seven days, requiring more than 50% participation and majority approval to pass.
Cetus said that using its cash and token reserves, it is now able to fully cover the stolen assets, including a significant loan from the Sui Foundation, which will enable all affected users to recover 100% of their losses.