The decentralized exchange Cetus on the Sui blockchain has just undergone a serious attack, with total estimated losses ranging from 220-230 million USD. According to a share from Sui's CPO – @EmanAbio, about 150-160 million USD of the stolen assets have been frozen and will soon be returned to the pools of Cetus. The initial cause has been identified as a bug in the smart contract.

On-chain data from the security company Hacken shows that at least 63 million USD has been transferred to Ethereum, including a large transaction of 20,000 ETH. The trading volume on Cetus on May 22 suddenly surged to 2.9 billion USD, likely due to the hacker withdrawing assets in bulk.

The Sui ecosystem has also been heavily affected as many tokens have dropped over 75%, with some like AXOL plummeting nearly 99.5%. The lending protocol Scallop has had to temporarily suspend all lending activities to manage risks. Currently, Cetus has paused the smart contract and is coordinating with stakeholders to investigate the incident.