📢🚨 Cetus DEX Exploit on Sui Blockchain Sparks $200M Loss Fears

A major security incident has hit Cetus, a decentralized exchange (DEX) built on the Sui blockchain, with suspected losses soaring over $200 million. The platform experienced a sudden and massive outflow of assets, causing some tokens to plunge more than 75% in value.

While the Cetus team initially described the issue as a “bug,” blockchain analysts and firms like AMLBot believe the damage may be far more serious. Reports show that around $212 million in crypto was moved to Ethereum at a pace of $1 million per minute, suggesting a possible exploit.

In response, other projects on Sui are taking precautionary measures. Scallop, a lending protocol, has paused all borrowing, assuring users their funds remain safe while the situation is reviewed.

The alleged exploiter's wallet reportedly holds tens of millions in various tokens, including nearly $52 million worth of SUI.

Cetus has paused its smart contract and launched a full investigation. This incident highlights the critical need for stronger security and transparency in DeFi, as even established platforms remain vulnerable to sophisticated attacks.

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