#BinancelaunchpoolHuma A total of 200 million dollars has been withdrawn from the Sui ecosystem.
The largest liquidity provider (LP) on the SUI network has been hacked.
A total of 200 million dollars has been withdrawn from the ecosystem.
Here’s what’s happening in detail🧵
(1/7)
This morning, the Cetus protocol, the main liquidity provider on the Sui network, was hacked.
Over 200 million dollars in liquidity has been drained.
The hacker completely took over the pools built on SUI and began draining them continuously without pause.
(2/7)
The Cetus team says what happened is not a hack.
According to their first statement on Discord, they discovered a vulnerability in the oracle service.
The statement said:
"Please remain calm. The team is working on fixing the issue."
(3/7)
Initial reports suggest that more than 200 million dollars in liquidity may have disappeared.
The hacker is transferring USDC off-chain in batches estimated at around one million dollars per batch.
Only the SUI/USDC pool lost 11 million dollars.
Tokens pegged to SUI are collapsing — with most down by 70% to 90%.
(4/7)
Now it seems that the hacker is trying to convert the stolen funds to ETH.
Then laundered it through Tornado Cash to cover the transaction trail.
(5/7)
While we await further updates on what is happening,
It is important to clarify that this is not a hack of the Sui network itself.
The issue is limited to the Cetus protocol only.
The team is currently working with Mysten Labs to fix the issue and will publish more details soon.
(6/7)
The official message from the Sui network team members is clear:
Stay calm and avoid spreading panic or misinformation (FUD) without reason.
This thread will be updated continuously as more details about what happened are revealed.
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