Emre Yumlu 
Sui-based decentralized exchange (DEX) Cetus suffered a major cyberattack on May 22, resulting in the loss of approximately $220 million in crypto assets. However, the platform managed to freeze $162 million of the stolen funds shortly after the breach.
The Cetus team has offered the attacker a white hat bounty of $6 million in exchange for returning 20,920 ETH (worth around $55 million) and the remaining frozen assets. The offer was communicated through an on-chain message, which read:
“In return, you may keep 2,324 ETH ($6 million) as a bounty. We will consider the matter closed and will not pursue any further legal, intelligence, or public action.”
However, Cetus made it clear that if the stolen assets are not returned—or are laundered through crypto mixers—they will escalate the case using all available legal and intelligence resources.
Centralization Debate Rises Within the Sui Network
The Cetus hack has reignited the decentralization debate surrounding the Sui Network. GitHub activity suggests that Sui developers considered introducing an “emergency whitelist function” that would allow specific transactions to bypass standard security checks.
A software engineer claimed that if activated, the function would let validators use an unsigned transaction to recover $160 million from the attacker. However, some Sui developers have clarified that validators did not implement the patched code. Instead, they are only blocking transactions linked to the hacker.
This raised concerns among decentralization advocates, who argued that such an intervention contradicts the foundational principles of a permissionless blockchain. Still, others defended the move, saying it represents a more community-driven form of decentralization. One pseudonymous analyst stated:
“Real-world decentralization isn’t about being powerless; it’s about having the ability to act collectively—without needing permission.”
Crypto Hacks on the Rise
The month of April saw 15 crypto-related hacks, resulting in a total loss of $90 million. This marked a 124% increase compared to March, which recorded losses of $41 million. Meanwhile, the industry is still reeling from the largest hack of 2025—Bybit’s $1.4 billion loss in February.
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