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Sui to Spend an Extra $10M on Security Initiatives

Twitter icon  •  Published 1 year ago on May 27, 2025  •  Hassan Maishera

On Monday, the Sui Foundation announced via X that it has committed to spending an additional $10M on security initiatives.

Sui to Spend an Extra $10M on Security Initiatives

On Monday, the Sui Foundation announced via X that it has committed to spending an additional $10M on security initiatives. These funds will be spent on audits, bug bounty programs, formal verification, and other ways to harden Sui.

This latest development follows the $223 million hack of Cetus Protocol, Sui’s biggest liquidity provider. The Sui Foundation added that the root cause of the Cetus incident was a bug in a Cetus math library, not a vulnerability in Sui or Move.

Sui is a Layer 1 blockchain designed to provide top-notch developer and user experiences backed by robust technological foundations. SUI is down 4% in the last 24 hours, trading at $3.4697 per coin. 

 

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Hassan Maishera Senior Reporter

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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