The hackers are back!!!
The Sui Chain's Cetus Protocol was 'robbed' by hackers! The liquidity pool was emptied, and tokens plummeted by 39%, what's going on?
The star DEX on the Sui Chain—Cetus Protocol was severely attacked by hackers, and the liquidity pool was 'raided', causing prices of multiple token trading pairs to drop directly by 39%!
The SUI/USDC pool was drained of $11 million in SUI, liquidity depth collapsed, trading was almost paralyzed, marking a 'Waterloo' in the DeFi space!
Why was Cetus hacked?
The hacker's scheme is deep: preliminary speculation suggests that the hacker may have exploited a vulnerability in the Cetus smart contract, quickly draining the liquidity pool through flash loans or other methods.
Market reactions are exaggerated: the sudden decrease in liquidity directly led to a price crash of trading pairs, with tokens like SUI, BLUB, LOFI being the hardest hit, dropping by as much as 80%-90%!
CEX prices remain temporarily stable, but panic selling on DEXs has retail investors exclaiming 'my heart has stopped'.
This 'hacker drama' exposes the vulnerabilities of emerging chains—security! Although Cetus has audit endorsements like OtterSec, new chains and new protocols inevitably have vulnerabilities, making them a 'cash machine' for hackers.
My perspective:
In the short term, Cetus tokens (CETUS) and other tokens in the Sui ecosystem may continue to face pressure; retail investors should avoid rushing to buy the dip and wait for official fixes and liquidity restoration.
In the long term? Sui's high performance and Cetus's CLMM (Concentrated Liquidity Market) model still have potential, but they need to fix the 'security door' first!
Additionally, the trend of funds flowing to BTC may intensify, making it difficult for ETH and altcoins to recover in the short term.
Retail investors: Stay away from Cetus-related pools, check wallet security, and don't rush to be the 'bag holder'!
Investors: Pay attention to subsequent announcements from Cetus (vulnerability fixes, compensation plans) and remedial measures in the Sui chain ecosystem.
Will the Sui ecosystem 'cool down' or 'rise from the ashes'? What do you think about this 'hacker carnival'?
