Cetus Protocol, the largest decentralised exchange and liquidity hub on the Sui blockchain, suffered a major exploit on 22 May, with blockchain analysts estimating that attackers drained more than $200 million—and possibly as much as $260 million—from its liquidity pools
Cetus Protocol, the largest decentralised exchange and liquidity hub on the Sui blockchain, suffered a major exploit on 22 May, with blockchain analysts estimating that attackers drained more than $200 million—and possibly as much as $260 million—from its liquidity pools.
The breach began with the removal of about $11 million in SUI from the SUI/USDC pool, triggering an immediate liquidity collapse and sending prices of most Sui-based tokens tumbling by over 75%. The attacker rapidly swapped stolen assets for USDC, bridged roughly $60 million of the stablecoin to Ethereum and has since converted around 23,000 ETH worth about $62 million, dispersing the funds across new addresses.
Security firms PeckShield and SlowMist said they are tracking the wallets involved, noting that part of the haul has been deposited into the SuiLend lending protocol. Cetus Protocol’s developers attributed the incident to an oracle-related vulnerability and said an investigation is under way. Despite the scale of the theft, the price of SUI remained relatively stable, underscoring market resilience even as confidence in the network’s DeFi infrastructure wavers.
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