Following the security issue experienced in $CETUS Protocol, some tokens experienced a sharp decline. #Binance CEO stated that they are looking into the issue.
Allegations that there was a security vulnerability in Cetus Protocol, a popular decentralized exchange on the Sui network, led to a major decline in tokens associated with the platform. Tokens such as LOFI, HIPPO and #Cetus lost more than 50 percent of their value in decentralized exchanges within an hour.
Cetus is known as one of the largest decentralized exchanges and liquidity providers in the Sui ecosystem. However, with an incident that occurred in the morning hours, millions of dollars of assets were withdrawn from Cetus's pools.
The Cetus team said in a statement via X, "A problem was detected in our protocol. We have temporarily stopped our smart contract for security purposes. We are investigating as a team, a detailed statement will be made soon."
On-chain analytics firm Lookonchain reported that more than $260 million worth of cryptocurrency was withdrawn from the system and most of it was converted to USDC and transferred to the Ethereum network.
Following the incident, the CETUS price fell from $0.25 to $0.17.
Finally, Binance CEO Richard Tong shared a message on X, saying, “We are aware of the concerns regarding SUI. Our team is doing everything they can to support the ecosystem and provide the necessary assistance.” and stated that they are closely interested in the issue.
