Hassan Maishera
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.
