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maremfact7

@maremfact7

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Cetus Hack Update – $223M Incident Response On May 22, Sui’s top DEX Cetus Protocol was hacked, losing around $223M. Fund Flow: Part remains on Sui; a large portion (mostly ETH) has been bridged to other chains, making recovery harder. Data Recovery: Ongoing and expected to take hours. Services will resume once fully verified. Swapping Resumed: Aggregator services (via Phantom, Binance Alpha) are live. CLMM pools to reopen after data sync. Collaboration: Working with Sui Foundation and partners on recovery and restoration. Two-Way Response: White Hat Deal: Offering $5–6M to recover funds. Legal Action: Gathering evidence with experts and law enforcement. Compensation Plans: Multiple options under simulation—technical, fair, and transparent. Protocol Upgrade Proposed: To unlock $162M frozen on Sui via PoS vote. Security Steps: Contracts paused quickly; working with analytics firms and freezing funds with validators.
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Web3, often referred to as the "next generation of the internet," is a new paradigm for the web built on decentralization and blockchain technology. Here are some perspectives on Web3:Advantages and Potential User-Controlled Data Web3 empowers users to fully control their own data, moving away from centralized platforms and enhancing privacy and data ownership. Decentralization and Censorship Resistance Web3 operates on blockchain technology, eliminating single points of failure or control, making it more resistant to censorship and tampering. Automation with Smart Contracts Web3 leverages smart contracts to automate processes, reducing the need for intermediaries, thereby increasing efficiency and transparency. New Economic Models Through cryptocurrencies and token economies, Web3 allows users to earn rewards for contributing content, services, or participation, fostering a fairer value distribution.
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