Sui Foundation Allocates $10 Million for Security After 2.315% Price Drop

Sui's latest price was $3.59, down 2.315% in the last 24 hours. The Sui Foundation has taken swift action by providing a secured loan to Cetus Protocol to cover the stolen funds. This move has been met with both support and criticism from the community, as it raises questions about the governance and security of the Sui ecosystem. The Sui Foundation has also rolled out a $10 million fund to boost security across its system. This fund will be used for audits, bug bounties, and new developer tools. The goal is to prevent future attacks and ensure the safety of the Sui ecosystem. The fund will be guided by developers and community members, with bug bounties offered to anyone who finds serious flaws in the system.

Despite the recent hack, Sui Network has shown resilience and continues to attract interest from institutional investors. The total value locked (TVL) in Sui has started to recover, with a noticeable bump in bridged TVL, which tracks assets coming in from other blockchains. This indicates that the Sui ecosystem is still attractive to investors and developers, despite the recent setback. The Sui Foundation has also announced plans to return some of the frozen assets to Cetus users, which has sparked debate within the community. Critics argue that letting validators make such decisions could concentrate too much power in a small group. The Sui Foundation has promised to stay neutral, but opinions are divided on what "neutral" really means in this context.

In response to the hack, Cetus has put up a $6 million white-hat bounty to recover stolen funds, while Sui has added another $5 million reward for any tip that leads to the hacker's capture. This brings the total bounty to $11 million, highlighting the seriousness with which the Sui community is taking the security of its ecosystem. Despite the recent challenges, Sui Network remains a promising player in the blockchain space. Its speed and scalability make it a strong contender against other layer-1 networks, and its commitment to security and community involvement bodes well for its future. As the Sui ecosystem continues to evolve, it will be interesting to see how it addresses the challenges it faces and capitalizes on its strengths.