Hackers Steal 260 Million Dollars in Cryptocurrencies on Sui

The liquidity provider of Sui, Cetus, experienced a hack that triggered significant price drops of tokens.

Recently, the cryptocurrency platform Sui has been shaken by a massive hack that resulted in the loss of approximately $260 million. This incident has heavily impacted Cetus, the largest liquidity provider of Sui, causing a drop of up to 90% in the value of some Sui-based tokens.

The exploit, which seems to have drained funds from Sui's liquidity pools, has generated panic in the market and made operations on decentralized exchanges (DEX) more difficult. Although SUI prices have remained relatively stable on centralized exchanges (CEX), the collapse of on-chain liquidity has created a significant disparity in valuations.

These types of attacks highlight the inherent vulnerabilities in the DeFi ecosystem, where technical failures and weaknesses in the code can be exploited by malicious actors. Large platforms like Binance have already offered their support to Sui to investigate and mitigate the consequences, demonstrating the interconnectedness and the need for cooperation in the crypto space to face these security challenges.