- The platform revealed its compensation plan for affected users, according to which 15% of the native token supply of the protocol is being set aside.
- The platform also notes that not all affected pools were completely restored, with the recent recovery rate ranging between 85% and 99%.
Cetus Protocol is planning to go open-source after its latest relaunch on June 8. The Sui-native decentralized exchange had to relaunch as it recently went through a massive $220 million exploit last month.
A hacker attacked the pricing mechanism flaw to extract tokens from the prominent liquidity pools on May 22. However, the protocol froze $162 million of the stolen funds as soon as the attack took place.
After the attack took place, the Trading Volume on the platform started to decline, which listed more than $5 billion in April and May individually. On June 7, Cetus announced its relaunch and the plan to be completely open-source.
The post also mentioned a new white bounty program to boost cumulative technical and security contributions. The team highlighted that it worked around the clock to fix the vulnerability of the software through which the attack was done.
Legal Action Can Take Place
Also, they restored pool data to the accurate pricing and went through security audits on all code fixes and contract updates. The platform also notes that not all affected pools were completely restored, with the recent recovery rate ranging between 85% and 99%, depending on the amount of pool that was drained at the time of the attack.
It has also revealed its compensation plan for affected users, according to which 15% of the native token supply of the protocol is being set aside, with 5% made quickly available and 10% linearly unlocked every month over the next year, starting June 10.
As per the data from CoinMarketCap, the token is down more than 5.05% in the past 24 hours and is hovering at $0.11. The platform is also planning to update the monitoring system of the protocol and have extra rounds of security audits.
Cetus highlighted that legal action is likely to take place, having legal proceedings introduced in various jurisdictions, and law enforcement agencies are to be involved.
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