This Altcoin Experienced a Sharp Rally Following Developers’ Announcement

Cetus, the largest decentralized exchange (DEX) on the Sui network, made an important statement regarding the compensation process for its users following the cyber attack.

The platform announced that it is ready to compensate all aggrieved users if the community vote is successful and the locked funds are released.

Following the announcement by its developers, there was a sudden 11% increase in the CETUS token price.

Chart showing the sudden price increase in CETUS.

In the statement made by Cetus, it was stated that all the assets taken off-chain can be repaid with a treasury of cash and tokens, as well as a critical loan from the Sui Foundation.

The company’s statement included the following statements:

“Following the incident, we have thoroughly evaluated the impact on our users, partners, and the overall ecosystem. We take this responsibility seriously and sincerely apologize. If the locked funds are recovered through community voting, we will compensate 100% of the victims’ losses with the resources at our disposal.”

However, Cetus stated that regardless of the outcome of the vote, the compensation process will be initiated after the vote and a detailed plan will be shared with the public.

*This is not investment advice.

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