Sui Network’s $10M Security Boost After Cetus Exploit

The Sui Network has announced a $10 million security fund to enhance its ecosystem's defenses following the $223 million exploit of the Cetus Protocol. This fund will be allocated towards independent security audits of core code and popular decentralized applications (dApps), offering bug bounties to incentivize the discovery and resolution of vulnerabilities, and developing new developer tools to improve security practices. The initiative aims to address concerns raised by the Cetus incident, where a bug in a Cetus math library, not a Sui vulnerability, resulted in significant losses for users. The allocation and spending of the fund will involve collaborative efforts between developers and community members. In parallel, Sui is facilitating a governance vote among token holders on whether to return some frozen assets to affected Cetus users, sparking debate about the centralization of decision-making power within the network. Adding to the security measures, a combined $11 million bounty, comprising $6 million from Cetus and $5 million from Sui, is offered for information leading to the recovery of stolen funds and the capture of the perpetrator. Despite the hack causing a temporary 15% price drop in the SUI token, it has since rebounded, showing signs of recovery. While Total Value Locked (TVL) and bridged TVL are recovering, DEX volume and app revenue haven't fully returned to pre-hack levels, highlighting the ongoing impact of the event on the network's DeFi ecosystem. The incident underscores the importance of robust security protocols within the DeFi space and the ongoing challenges of balancing security, decentralization, and user protection.

(Source: https://www.newsbtc.com/altcoin/10-million-fix-sui-network-moves-fast-after-cetus-exploit-scare/)