🚨 Cetus Protocol, the largest decentralized platform on the Sui network, is facing a major attack that resulted in estimated losses between $11 million and $260 million.

🔴 The hacker used fake tokens like BULLA to drain liquidity pools. As a result, the Cetus token collapsed by 40% and meme coins on the Sui network dropped by up to 97%.

🔴 The attacker converted the funds to USDC and transferred part of it to Ethereum, while Cetus continues to investigate the incident.

🔴 The price of the SUI token dropped by 8% after this incident.