Cetus, the leading liquidity provider (LP) decentralized exchange on the Sui blockchain, has reportedly suffered a major exploit. According to early reports, approximately $11 million worth of SUI was drained from its SUI/USDC liquidity pool, triggering widespread panic across the ecosystem.
The alleged hack has had a devastating impact on the DEX's liquidity pools. Most tokens on the platform have dropped 75% or more, as liquidity was rapidly pulled following the exploit. Screenshots circulating online show empty or near-zero balances in several pools, adding to user concerns.
As of now, the Cetus team has not released an official post-mortem or confirmation of the breach. However, the Sui community is urging users to avoid interacting with Cetus contracts until more clarity emerges.
Key Points:
Approx. $11M in SUI drained from SUI/USDC pool
Liquidity pools emptied, causing token prices to crash
Users advised to revoke approvals and avoid trades until official updates are provided
We’ll continue to monitor this developing story as more detail
s come to light.