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Cetus and the Sui Basis are going through criticism after validators froze a big portion of the $223 million that was stolen in the course of the Cetus hack on Might 22, elevating centralization issues.
Cetus and the Sui Basis introduced that validators had frozen a majority of the stolen belongings. In response to the Cetus crew, $163 million of the $223 million was frozen by validators and ecosystem companions on the identical day because the incident.
Nonetheless, the transfer to freeze the funds was criticized, with a number of Web3 neighborhood members saying it “undermines the ideas of decentralization.”
“Sui validators are actively censoring transactions throughout the blockchain,” wrote one consumer on X, echoing related posts by neighborhood members.
SUI validators are actively censoring transactions throughout the blockchain.This fully undermines the ideas of decentralization and transforms the community into nothing greater than a centralized, permissioned database.
— Dave (@ItsDave_ADA) Might 22, 2025
One other consumer by the identify of Steve Bowyer additionally mentioned that “many Net tasks backed by VCs” appear to “lean closely on centralization, regardless of borrowing Bitcoin’s ethos.”
Safety Agency Pinpoints Important Trigger Of The Cetus Hack
Blockchain safety firm Dedaub pinpointed the basis reason for the Cetus hack that noticed the decentralized trade platform drained of $223 million inside a 24-hour interval.
In response to the safety agency’s Might 23 report, the hackers exploited a flaw in probably the most vital bits (MSB) test.
That “allowed them so as to add huge liquidity positions with only one unit of token enter, subsequently draining swimming pools collectively containing a whole bunch of tens of millions of {dollars} value of tokens,” the agency wrote of their report.
SUI Worth Struggles Proceed
Because the Cetus hack, SUI’s market capitalization has dropped from $13.907 billion previous to the incident to round $11.67 billion on Might 25, in accordance with CoinMarketCap knowledge. This was after the crypto’s worth additionally dropped over 2% within the final week and recorded one other minor loss prior to now 24 hours.
SUI’s market cap has since recovered to round $12.09 billion. Nonetheless, the undertaking was just lately overtaken by Hyperliquid (HYPE). As such, HYPE is now the eleventh largest crypto by market cap with its valuation of round $12.85 billion.
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