Twice lucky? Cetus’ recovery plan on Sui mirrors a Solana blueprint

Quick Summary:

It turns out that Cetus shares the same development team as Crema Finance, a Solana-based DeFi project that suffered a $9-million hack in 2022 but recovered most of the funds by negotiating with its hacker.

Related: WLFI’s DeFi credentials under fire after Sui partnershipFollowing the hack, Sui developers committed code for a proposed function that would have allowed specific transactions to bypass all signing and safety checks by adding them to a whitelist. While the function could have been used to help recover stolen funds, it also raised concerns about centralized control and the erosion of decentralization.

Related: Which senators invest in crypto? 11 lawmakers have blockchain-related investmentsThe details of the unnamed exchange’s case match Crema’s hack, including the exact date of the exploit and the terms of the agreement. Norbert Bodziony, founder of Nightly App, claims the Cetus team was behind Crema Finance.

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Article Details

Author / Journalist: Cointelegraph by Yohan Yun

Category: Crypto

Markets: United StatesNorth Korea

Topics: Hacker Been Hack Crema Cetus Funds Stolen Community Million Validators Solana

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-23 @ 14:52:36 (13 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 949 words

Reading Time: 6 minutes read

Sentences: 50 lines

Sentence Length: 19 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 28925041

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