DEXExploits

🔐 One of the biggest hacks in DeFi history
🔴 $260M Hack at Cetus DEX: DeFi is still far from secure

On May 22, 2025, Cetus Protocol, the top DEX on the Sui network, suffered one of the largest DeFi attacks ever.
A hacker exploited a flaw in the platform’s pricing mechanism, draining approximately $260 million in digital assets. 😱

🔍 How the attack happened:

💸 Flash loan used to gain instant liquidity
💀 Injection of fake tokens (e.g., BULLA) into pools
🧮 Manipulation of internal pricing system
🔄 Swapping worthless tokens for valuable assets like SUI and USDC
🌉 Cross-chain transfer: $60M moved to Ethereum
🧊 CETUS token down -40%; TVL dropped by $210M

⚠️ Why did audits fail?
Despite multiple audits, a hidden bug in a math library went unnoticed.
Overconfidence in "audited code" created a false sense of security.
🔐 Audit ≠ Total Protection

🛠️ Recovery plan underway:

Smart contracts and pools frozen

Validators voted to recover frozen assets

Multisig setup with Cetus, Sui Foundation & OtterSec

New CLMM contract under external audit

Compensation system in development

Protocol relaunch expected within 1 week

📚 Lessons for the future of DeFi:

✅ Audits are not enough — real-time monitoring is essential
✅ Open-source requires continuous review
✅ Decentralization demands responsibility: security comes first
✅ Protocols must be proactive, not just reactive

📣 Your opinion matters:
Is DeFi evolving fast enough in terms of security?
Should there be stricter standards for launching new protocols?

#DeFiSecurity #CetusHack #SuiBlockchain #DEXExploits #Write2Earn

🔐 One of the biggest hacks in DeFi history
🔴$260M Hack on Cetus DEX: DeFi is still far from ideal security

On May 22, 2025, the Cetus Protocol, the main DEX on the Sui network, suffered one of the biggest attacks in DeFi history. A hacker exploited a flaw in the platform's pricing mechanism, draining approximately $260 million in digital assets. 😱

🔍 How the attack happened:
💸 Flash loan to gain immediate liquidity

💀 Injection of fake tokens (ex: BULLA) into the pools

🧮 Manipulation of the internal pricing system

🔄 Exchange of worthless tokens for SUI and USDC

🌉 Cross-chain transaction: $60M migrated to Ethereum

🧊 Drop in CETUS token: -40% and TVL plummeting $210M

⚠️ Why did the audits fail?
Despite multiple audits, a hidden flaw in a mathematical library went unnoticed. Over-reliance on "audited codes" created a false sense of security.
🔐 Audit ≠ Total Shield

🛠️ Recovery plan:
Freezing of contracts and pools

Voting by validators to recover funds

Multisig with Cetus, Sui Foundation, and OtterSec

New CLMM contract under audit

Compensation system in development

Reopening of the protocol expected in 1 week

📚 Lessons for the future of DeFi:
✅ Auditing is not enough — real-time monitoring is necessary
✅ Open-source needs continuous review
✅ Decentralization requires responsibility: security comes first
✅ Protocols need to be proactive, not just reactive

📣 Your opinion matters:
Do you think DeFi is evolving enough in security?
Should there be stricter standards for launching protocols?

#DeFiSecurity #CetusHack #SuiBlockchain #DEXExploits #Write2Earn