In one of the largest DeFi breaches of 2025, Sui-based decentralized exchange Cetus suffered a massive $220 million exploit on May 22. In response, the platform has offered a $6 million white hat bounty to recover the stolen funds—while the Sui Network faces backlash over proposed centralization measures.
$220M Hack Targets Cetus, But $162M Frozen on Sui
Cetus lost approximately $220 million in crypto assets, including 20,920 ETH valued at over $55 million, due to a security vulnerability exploited by an unknown attacker.
Despite the scale of the attack, Sui’s blockchain mechanics enabled a rapid response, helping freeze $162 million worth of stolen funds.
“In exchange, you can keep 2,324 ETH ($6M) as a bounty, and we will consider the matter closed,” Cetus stated in a blockchain-embedded message to the hacker.
The offer reflects a “white hat” recovery approach: giving hackers partial immunity and financial incentive in return for asset recovery.
Cetus Offers $6M to Prevent Further Losses
The bounty includes:
- 2,324 ETH, equivalent to approximately $6 million
- No legal, public, or intelligence pursuit, if funds are returned
This strategy mirrors tactics used in past DeFi recoveries, where ethical appeals and financial offers led to successful fund returns.
Cetus’ move highlights how white hat negotiations are becoming normalized in crisis response scenarios within the DeFi space.
Sui Faces Decentralization Criticism Over Emergency Controls
The incident has triggered broader concerns about centralization within the Sui blockchain. GitHub commits reveal the Sui team considered deploying an “emergency whitelist function”—a tool that would allow certain wallet addresses to bypass standard transaction validations.
While potentially useful for fund recovery, critics argue it undermines the core principles of decentralization and censorship resistance.
Key concerns include:
- Potential misuse of emergency privileges
- Loss of trust in protocol immutability
- Concentration of power among Sui core developers
“This move could set a dangerous precedent,” one community member noted. “Decentralization shouldn’t be compromised, even in emergencies.”
Conclusion: A Pivotal Moment for DeFi Security and Governance
Cetus’ $6M white hat offer could lead to a partial recovery of the $220M hack, but the broader implications for DeFi governance are now under the spotlight.
As the Sui Network faces tough questions about emergency powers, the crypto community is being forced to re-examine the balance between security, recovery, and decentralization.