SUI has issued a new statement regarding security vulnerabilities that have recently occurred in the distributed exchange Cetus.
The SUI developer said the incident was caused by a bug in Cetus’s own math library, not a vulnerability in the SUI network or Move programming language. However, the team said the losses users have experienced are significant and they have announced that new steps are being taken to increase the security of the ecosystem.
The development team has shared details of current security measures this week and announced that it will allocate an additional $10 million to further enhance security. This budget will be used for security audits, bug bounty programs, formal verification methods, and similar security initiatives. It was said that the plan will be shaped with the developer community.
“We designed the SUI to enable safer smart contract development. This is the first major security incident in DAPP. This is heartbreaking. But this is the moment of maturation that every major blockchain faces at some point. We need to learn from this incident, strengthen our critical code and build a more robust ecosystem.
Meanwhile, the SUI Foundation is discussing various scenarios in its ecosystem about how to value $160 million in stolen funds frozen after the incident. Table options include returning funds via whitelists (with or without management slips), performing hard forks on the network, transferring assets, transferring funds to regulatory managers, and freezing funds forever to reduce supply.
*This is not investment advice.
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