CryptoIncident

Cetus Protocol, a decentralized exchange on the Sui network, experienced a significant security breach, resulting in a substantial decline in associated tokens. Here's what's known so far:
- *Incident Details:* The Cetus team detected a problem in their protocol and temporarily stopped their smart contract for security purposes. They're investigating the issue and plan to release a detailed statement soon.
- *Financial Impact:* Over $260 million worth of cryptocurrency was withdrawn from the system, with most of it converted to USDC and transferred to the Ethereum network. Token prices, including LOFI, HIPPO, and CETUS, plummeted by more than 50% within an hour.
- *Binance's Response:* Binance CEO Richard Tong stated that they're aware of the concerns and are working to support the ecosystem and provide necessary assistance.

*Token Price Impact:*

- *CETUS Price:* Fell from $0.25 to $0.17 following the incident.

#CetusProtocol #SecurityBreach #CryptoIncident #SuiNetwork #binancesupport $CETUS