Cetus incident summary: Attack leads to 83% capital loss.
According to a tracking report from the blockchain data analysis platform Lookonchain, the Cetus protocol was hacked today, with losses exceeding 260 million USD.
The hacker quickly converted the stolen funds into the stablecoin USDC and transferred approximately 60 million USD of USDC to Ethereum through a cross-chain bridge, subsequently exchanging it for Ether. Lookonchain further updated that the hacker had used 58.3 million USD of USDC to purchase 21,938 Ether, with an average purchase price of 2,658 USD. This attack caused the liquidity pool on the Cetus protocol to be almost completely drained, and many token prices plummeted in a short period.
Image source: Chain News
From the data of DeFi Llama, it can be seen that Cetus's TVL lost 83% in a single day. From its 24-hour earned fees and trading volume, it is evident that its scale was originally the largest in the Sui ecosystem, far exceeding other protocols.
The Cetus protocol team subsequently released a statement on their official X account, stating that they had detected anomalies in the protocol and urgently suspended the smart contract to prevent further losses.
Cybersecurity expert Yu Xian stated that he has intervened to assist and believes that escaping across chains is not easy.
The community believes it is not a hacker attack, but rather an issue with the oracle.
There are opinions in the Sui community that this is not a traditional 'hacker attack', but rather due to a vulnerability in the protocol. Preliminary investigations indicate that this vulnerability may be related to the Oracle system, leading to abnormal withdrawals from the liquidity pool.
Bybit and Binance have sequentially expressed their stance on the Sui incident.
Cryptocurrency exchange Bybit issued a notice, reminding users to be aware of the risks in the Sui ecosystem and stated that they are closely monitoring the situation. Bybit advised users to temporarily avoid trading on Sui and to wait for further clarification from officials.
Binance founder Zhao Changpeng also expressed concern about the incident. He stated that Binance is doing its best to assist the Sui team in dealing with this 'unpleasant situation' and hopes all users can stay safe (Stay SAFU).
This article is reprinted with permission from: (Chain News)
The article 'The Water Family is Crying! Sui's largest DEX platform loses over 200 million USD, with locked assets evaporating by 83%' was first published in 'Crypto City'.
