# Cetus Offers $6M Bounty After $220M Hack as Sui Faces Decentralization Debate
The world of cryptocurrency has been left reeling from a massive hack that saw over $220 million worth of digital assets stolen from the Sui Network. The culprit, Cetus, a Sui-based decentralized exchange (DEX), offered a white hat bounty of up to $6 million for the exploiter's return of the stolen 20,920 Ether (ETH), valued at over $55 million, along with the remaining frozen funds.
The hack occurred on May 22 and was one of the largest cryptocurrency hacks in recent history. However, Cetus managed to freeze $162 million of the stolen funds shortly after, leaving $58 million still unfrozen. This move has sparked a heated debate about decentralization within the crypto community.
Cetus has since offered the white hat bounty, which includes 2,324 ETH ($6M) as a reward for the exploiter's return of the stolen assets and a commitment to not pursue any further legal or intelligence actions against them. However, if these assets are off-ramped or sent to cryptocurrency mixers and not returned promptly, Cetus will escalate with full legal and intelligence resources.
The Sui Network has been criticized for its response to the hack, as it considers implementing an emergency whitelist function that would allow certain transactions to bypass security checks. This move has sparked concerns among decentralization advocates who argue that such actions contradict the principles of a decentralized permissionless network.
On the other hand, some saw this rapid response as a sign of progress and not centralization. "This is what real-world decentralization looks like – not just powerless, but responsive and aligned with the community," said Matteo, a pseudonymous crypto sleuth. Decentralization, according to him, isn't about standing by while people get hurt; it's about the power to act together without needing permission.
The industry has been dealing with numerous hacks in recent times, with $90 million stolen across 15 incidents in April, a 124% increase from March when hackers stole $41 million worth of digital assets. The largest crypto hack, however, was Bybit exchange which lost over $1.4 billion on February 21, 2025.
Meanwhile, cryptocurrency hacks continue to pose significant challenges to the industry as a whole. With the rise in exponential currency debasement and concerns about NFTs, it's becoming increasingly difficult for users to secure their assets.
The Sui Network is working towards recovery from this massive hack, with an emphasis on decentralization and transparency. The situation highlights the ongoing struggle within the crypto community to balance security with accessibility and responsiveness to user needs.
In conclusion, Cetus's white hat bounty offer serves as a reminder of the need for protocols like Sui to prioritize the well-being of their users while maintaining the integrity of their systems. As the industry continues to evolve, it's crucial that we prioritize decentralization and transparency in our efforts to secure digital assets.
# Latest Developments
* Cetus has offered $6 million white hat bounty for returning stolen 20,920 Ether (ETH) and other funds. * The Sui Network is considering implementing an emergency whitelist function to bypass security checks for certain transactions. * Decentralization advocates are criticizing the proposed whitelist function as it contradicts the principles of a decentralized permissionless network. * Cryptocurrency hacks have seen a significant increase, with $90 million stolen across 15 incidents in April alone.
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