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Massive $200M Hack Hits Sui Network’s Cetus — Hackers Struggle to Launder Stolen Crypto
In a major blow to the DeFi world, Sui Network’s Cetus protocol has fallen victim to a staggering $200 million crypto hack, according to a report from Odaily. The breach was flagged by SlowMist’s Cosine on the X platform (formerly Twitter), sending shockwaves across the Web3 and blockchain security communities.
While the attackers successfully drained the funds, they're reportedly facing significant hurdles in swapping the stolen crypto into stablecoins and bridging assets across multiple blockchains. Blockchain security experts have already uncovered digital traces, offering hope that the culprits may soon be identified.
This incident adds to the growing list of DeFi exploits and highlights the urgent need for enhanced smart contract audits, on-chain monitoring, and cross-chain security solutions in the rapidly expanding crypto ecosystem.
#DeFi #SuiNetwork #CryptoHack #Web3Security #SlowMist #BlockchainNews