In the wake of a $220 million exploit, Sui-native decentralized exchange Cetus is deploying a recovery strategy that echoes tactics previously used on the Solana blockchain. As questions around decentralization and network control rise, Cetus is hoping to pull off a Solana-style rebound.
A Major Exploit Shakes Cetus on Sui
On May 22, 2025, Cetus was hit by one of the largest DeFi hacks of the year, with hackers exploiting vulnerabilities to drain over 20,000 ETH and other tokens worth a total of $220 million. Fortunately, $162 million in stolen funds were quickly frozen on the Sui blockchain, preventing further losses.
“This was a sophisticated and targeted exploit. Immediate response helped mitigate total damages,” Cetus developers said.
The incident quickly triggered a debate over how truly decentralized Sui is, after emergency functions were discussed by core developers.
The Solana Blueprint: A Precedent for Recovery
Interestingly, Cetus’ current strategy closely mirrors the post-hack response used by Solana’s Mango Markets in 2022, when a white-hat deal was offered to the attacker in exchange for fund returns.
Cetus is offering a $6 million white-hat bounty to the exploiter in return for the rest of the frozen assets. The message, embedded in a blockchain transaction, said:
“In exchange, you can keep 2,324 ETH ($6M) as a bounty, and we will not pursue legal or public action.”
This negotiation-based model proved effective on Solana and is now being replicated in hopes of a similar outcome.
Sui’s Centralized Tools Raise Eyebrows
GitHub logs revealed that Sui developers discussed implementing an “emergency whitelist” function, allowing specific transactions to bypass standard security checks—potentially to recover hacked funds.
“Decentralization must not be compromised, even in emergencies,” critics warned.
This has triggered heated debates in the crypto community, with many arguing that Sui’s ability to freeze or override transactions is antithetical to blockchain principles.
Industry Watching Closely
As the recovery plan unfolds, industry observers are watching to see if Cetus can successfully reclaim stolen assets without setting dangerous precedents.
“This could be a test case for future DeFi crisis responses,” said blockchain security expert Kevin Liu.
If Cetus recovers the funds, it may mark a turning point for how DeFi platforms approach hacks—balancing negotiation, tech tools, and decentralization.