DeFi is in turmoil again! CETUS plummets 40%, SUI gets dragged down, $11 million evaporated overnight!
Both CETUS and SUI completely collapsed today! CETUS dropped directly from $0.25 to $0.14, more than halving; SUI also fell by 15%, dropping from $4.2 to $3.65. The reason is simple and brutal—Cetus protocol was hacked and $11 million was drained, causing a collective panic exit in the entire Sui ecosystem!
The truth of the incident: DeFi liquidity pool was 'drained'
How did the vulnerability explode?
As the number one exchange on the Sui chain, the core liquidity pool SUI/USDC was targeted by hackers, who directly withdrew $11 million worth of SUI tokens. The liquidity pool was instantly emptied, and users couldn't find counterparties to sell their tokens, leading to a free fall in prices!
The chain reaction of collapse
CETUS disaster: The token price halved in 40 minutes, panic selling ensued, the exchange orders were all 'runaway orders', and liquidity dropped to zero.
SUI caught in the crossfire: All the SUI stolen by hackers, the project team didn't even make a peep, and the token price dropped back to a week ago, leaving all bottom feeders buried!
Collapse of trust
This incident directly struck at the heart of DeFi—security is a joke! The so-called 'decentralized' exchange, in the end, had no basic risk control, and users' wallets became a hacker's ATM.
Three life-and-death lines ahead
Will the team play dead or save the situation?
The Cetus team has not officially acknowledged being hacked, let alone compensating losses. If they run away like Terra after the collapse, this token could go to zero!
Will the Sui ecosystem be wiped out?
Other projects on the Sui chain are now on edge, with users frantically withdrawing tokens; if liquidity runs out completely, the entire chain could turn into a ghost town.
Regulatory iron fist will eventually fall
With such a severe security vulnerability, the SEC will definitely seek accountability later. Referring to the previous fall of Binance and FTX, both Cetus and Sui project teams may face lawsuits!
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