The $SUI network has recently experienced a significant security breach involving its primary decentralized exchange, which is the Cetus protocol. The exploit resulted in the unauthorized withdrawal of $260 million dollars, causing huge disruptions...
After seeing the post from @CZ on X, I decided to do further research all over the media, and this is what I have foundš
Details on the hacker: The attacker manipulated Cetusās liquidity pools by introducing counterfeit tokens to distort pricing movement. The reason why this worked is they had a few seconds to execute, and they drained real assets with the shot they got. Including SUI and $USDC
Movement of Asset: Post-exploit, the hacker converted the stolen assets into USDC and transferred them to the Ethereum network. Reports indicate that almost $60 million worth of USDC converted into $ETH, suggesting attempts to redirect and mislead the origin of the funds.
Market Impact: As expected, the breach led to an immediate decline of the value of SUI and all SUI-based tokens which experienced losses of over 50%.
What now? Iād love to pour out everything but the info I provide is time based so follow for the next post, in the meantime,
ā¢Ā The Cetus team has paused its smart contract to prevent additional unauthorized withdrawals and is currently doing thorough investigation.
ā¢Ā Recovery efforts: They have successfully frozen millions with plans underway to recover all lost loot.
Hoping to spread all info with @Binance Africa
What now? The sequel is on its way obviously; this canāt be the end of $SUI
Letās not forget today is pizza dayš