Cetus, a decentralized alternate (DEX) on the Sui blockchain, has reportedly suffered a devastating exploit. In line with on-chain investigator Lookonchain’s replace, over $260 million was stolen from Cetus.
The attacker swapped the stolen property into USDC and bridged roughly $60 million to Ethereum, the place it was exchanged for ETH.
Lookonchain additional reported that the exploiter has already spent $58.3 million USDC to buy 21,938 ETH at a mean worth of $2,658 per token.
The breach has brought about a dramatic collapse within the worth of quite a few Sui-based tokens on Cetus, with some property like LBTC and AXOL shedding practically all their worth. Different tokens similar to LOFI, HIPPO, and SQUIRT have misplaced over 80% up to now six hours, in keeping with data compiled by DEX Screener.
Cetus acknowledged the exploit through its official X account and confirmed that it had paused its good contracts as a precaution and launched an inner investigation.
“There was an incident detected on our protocol and our good contract has been paused briefly for security. The group is investigating the incident for the time being. An extra investigation assertion can be made quickly. We’re grateful to your endurance.”
Onchain Lens beforehand speculated that the attacker had gained management of all SUI-denominated liquidity swimming pools earlier than draining them.
In the meantime, Binance founder CZ tweeted that their group has prolonged assist to the Sui group following the incident.
Binance Free $600 (CryptoPotato Unique): Use this link to register a brand new account and obtain $600 unique welcome provide on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE place on any coin!