Cetus Protocol, a decentralized exchange on the Sui blockchain, was recently targeted in a major cyberattack, resulting in over $220 million being drained from its liquidity pools2. The attack has caused significant disruption, with swapping functionalities ceasing and liquidity for many token pairs collapsing1.
Following the breach, the price of SUI, the native token of the Sui blockchain, dropped sharply, falling from $4.18 to around $3.80. The Cetus team has paused smart contracts to prevent further losses and is investigating the incident4. Reports suggest that attackers exploited vulnerabilities in Cetus' smart contracts using spoof tokens to manipulate price calculations.
Despite the turmoil, SUI has started to recover slightly, trading at $3.89 at last update. However, the broader Sui ecosystem remains under pressure, with several tokens experiencing steep declines
