The Cetus decentralized exchange on the Sui blockchain has just experienced a severe attack, with total estimated losses ranging from 220 to 230 million USD. According to a statement from Sui's CPO – @EmanAbio, about 150 to 160 million USD of the stolen assets have been frozen and will soon be returned to the Cetus pools. 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. Trading volume on Cetus on May 22 unexpectedly surged to 2.9 billion USD, likely due to the hacker withdrawing assets en masse.

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