Cybersecurity company SlowMist reported via platform X (formerly Twitter) that the Sui network suffered a serious security breach that led to the theft of around 200 million dollars through the decentralized trading protocol Cetus.
According to initial reports, the hackers managed to exploit a security vulnerability in the protocol, allowing them to transfer huge amounts of digital assets. However, the hackers face significant challenges in their attempts to convert the stolen funds into stable assets or transfer them across other networks, thanks to tracking activities and blockchain analytics conducted by specialized security entities.
SlowMist confirmed that some digital evidence was found that may help identify the hackers or trace the movement of funds, giving hope for the possibility of recovering some of the stolen assets or limiting their trading.
It is worth noting that this incident highlights once again the importance of auditing smart contracts and enhancing security protocols in decentralized projects, especially in light of the increasing cyber attacks on decentralized finance (DeFi) platforms.
Investigations are still ongoing to uncover the details of the attack and identify those responsible for it, while the Sui network or the Cetus protocol have not issued an official statement up to the time of preparing this report.
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