🚨 🚨🚨 $CETUS on $SUI — Hack or Bug? What’s Really Happening?
Cetus, the main liquidity provider (LP) DEX on the SUI network, has been at the center of conflicting reports today.
Initially, it was reported that $11 million worth of $SUI tokens were drained from the SUI/USDC pool, causing a massive 75%+ drop in token prices as liquidity dried up.
However, the CETUS team quickly clarified that there was no hack. Instead, a bug in the Oracle system was detected, and they are actively working on fixes and updates.
Yet, according to blockchain analytics from Lookonchain, there’s a claim that CETUS lost over $260 million due to a hack. The alleged attacker is said to be converting stolen funds into $USDC and bridging them to Ethereum, with around $60 million already moved across chains.
This situation is still developing, so stay tuned for updates as more information emerges. Crypto users and investors should keep an eye on official channels and exercise caution.
