Cetus Protocol, a decentralized exchange on the Sui Network, has been hit by a significant security breach, resulting in the theft of over $260 million
Cetus Protocol, a decentralized exchange on the Sui Network, has been hit by a significant security breach, resulting in the theft of over $260 million. The exploit was facilitated through an oracle manipulation attack, where attackers used spoof tokens to distort price oracles and drain liquidity from 46 token pools on the platform.
In response to the exploit, Cetus Protocol has paused its smart contracts to prevent further losses. The stolen funds, primarily in USDC, have been bridged to Ethereum and converted into ETH, with approximately $60 million already transferred. The Cetus team, along with the broader Sui ecosystem, is actively investigating the incident and working on recovery efforts. $160 million of the stolen funds have been frozen and are expected to be returned to Cetus pools, with the Sui foundation providing support.
Despite the exploit, the Sui Network’s native token, SUI, has shown resilience, rising 2.2% over the past 24 hours. However, tokens within the Sui ecosystem, including Lofi, Sudeng, and Squirtle, experienced significant declines, with losses ranging from 76% to 97% within an hour of the exploit. The exploit has been widely discussed by industry experts, including Cyvers and PeckShield, with former Binance CEO Changpeng Zhao expressing support for the affected parties.
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