New Details Emerge from Developers of Altcoin Affected by Hack Worth Over $200 Million

Sui made new statements regarding the security vulnerability that occurred in the decentralized exchange Cetus recently.

Sui developers said the incident was caused by a bug in Cetus’ own math library, not a vulnerability in the Sui network or the Move programming language. However, the team said the losses experienced by users were significant and announced that they were taking new measures to increase the security of the ecosystem.

The development team announced that they will share details of their current security measures this week and will allocate an additional $10 million to further strengthen security. This budget will be used for security audits, bug bounty programs, formal verification methods, and similar security initiatives. It was stated that the plans will be shaped together with the developer community.

“We designed Sui to enable more secure smart contract development. This is the first major security incident for a dApp, which is heartbreaking. However, this is a maturation moment that every major blockchain faces at some point. We must learn from this incident, strengthen critical codes, and build a more robust ecosystem together,” the Sui team said in a statement.

On the other hand, the Sui Foundation is discussing different scenarios with the ecosystem on how to evaluate the $160 million in stolen funds that were frozen after the incident. Options on the table include returning the funds via a whitelist (with or without a management vote), performing a hard fork on the network, transferring assets to a regulatory custodian, or permanently freezing the funds and reducing the supply.

*This is not investment advice.

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