- Sui increases in view of the upcoming vote on compensation after the cetus hack.
- The SUI Foundation lends Cetus money for the compensation of customers – investors and course react positively.
As CNF reported, the SUI community and the Validiers coordinate about bringing the money back from the hack of the Cetus protocol. You choose a special transaction to pull assets from the attacker’s wallet. The SUI Foundation also helped users with a strategic loan. This has strengthened the trust of the investors, and SUI is above the most important tech levels.
Compensation after coordination
Sui jumped by 6 % to $ 3.70 on Wednesday, when the validators and the network of the network voted on a special transaction. This coordination is about the return of assets that were stolen during the cetus hack worth $ 223 million to a multi-sig pocket.
The Sui Foundation confirmed that the vote on May 27th at 8:00 p.m. UTC and will be open for 7 days with the possibility of early passage within 48 hours. To adopt, more than 50% of the total participation (without abstentions) must be right for this, and the weighted participation must outweigh the votes.
The proposal provides for a one-time authentication of two fixed transactions in which the attackers’ wallet addresses are directly involved. These transactions transfer the compromised assets to a safe wallet managed by Cetus, Ottersec and the Sui Foundation.
According to Sui Explorer, 34 out of 114 examiners have voted with yes, 80 have not yet coordinated. 58 yes votes are required to adopt the proposal, i.e. 24 votes are still missing. Galaxy Digital, an important representative of interests, already voted for the upgrade.
Loans of the Sui Foundation raises the mood
While the vote is running, the Sui Foundation Cetus has granted a loan to cover the immediate compensation of the users. This loan is independent of the funds in the wallet’s wallet and is used together with the cash register of cetus to cover the losses. This has improved the mood and the SUI has increased.
The foundation also announced an expansion of the BUG Bounty program to Layer-2 protocols to prevent such incidents in the future. The program will come at a time when the network expects more than $ 50 million in a blocked total value (TVL) over the next few months.
Technically speaking, Sui showed strength and formed an interest bully engulfing candle after the course of the 50-day exponential moving average (EMA) bounced off at $ 3.40. The RSI has climbed to 53, which reflects an increasing dynamic. In addition, the MACD indicator approaches an interest bullish crossover, which is supported by declining bears histograms.
SUI exceeded the 50%fibonacci retracement level of $ 3.60, which was calculated between the high of $ 5.29 on January 9 and the low of $ 1.92 on April 7. Analysts indicate that investors could encounter resistance at $ 4 and $ 4.56, which corresponds to 61.8 %-or 78.6 %fibonacci level. On the underside, the dynamic support is $ 3.22 with the 50-day EMA and the 100-day table.
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