SUI froze $160M from the Cetus hacker, on-chain, out of over $220M. The $60M gap was bridged to ETH.
While this is good in this case, this shows SUI network can freeze your funds on demand.
Decentralization is just marketing outside of BTC/ETH.
Update. The vote passed. $160M to return to Cetus after they drain the hacker wallet.
A questionable practice nevertheless.
SUI started a governance vote to recover (drain) the $160M hacker wallet that was frozen on its network.
The vote has passed according to the latest data.
While this is great for the Cetus users, this move is highly controversial and sets a bad precedent. Why?
Because now, every application on SUI that gets hacked in the future, even if it's due to their own error like with Cetus, has a reason to ask for the same treatment.
Cetus is too big to fail for SUI, so they acted as a central bank and bailed them out. If they were smaller, probably SUI would have said "tough luck".
That's just the first problem. Hit a follow @DU09BTC if you enjoyed reading this so far!
The second problem is that SUI can drain any wallet after pushing an update to their code. This puts in question the integrity of their network and security of their wallets.
While this requires a vote or validator consensus, this is hardly reassuring considering that SUI has only 114 validators.
Moreover, the first 31 validators have a 51% voting power. That gives them the right to freeze accounts and drain wallets. Looks like they just made that call.
Personally, I believe any network, including SUI should be agnostic to such situations and take no side, especially if the network is not at fault. This is the better position to be in long term.
However, if Cetus going down would have risked SUI's viability as a network in the future, this decision makes sense, but it stains its future.
If anything, it shows SUI is highly centralized and giving preferential treatment to one app vs another invites too much subjectivity in a network that should not even decide on such things.
Ethereum applications get hacked all the time, but Ethereum is not pushing updates to bail them out by draining hacker wallets.
Unfortunately, most networks that came after BTC and ETH are decentralized only in their marketing materials. Hacks like the Cetus case quickly dispel any confusion about that.
SUI may have chosen the lesser evil in this situation, but with this vote passing, it opened a pandora box.
How would you vote in this situation?
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