$CETUS Protocol (CETUS), a leading decentralized exchange on the Sui network, recently suffered a significant security breach, resulting in the loss of approximately $260 million in assets. The exploit involved the use of counterfeit tokens to manipulate price curves and reserve calculations, leading to the draining of liquidity pools. In response, the protocol has paused all smart contracts to prevent further losses and is collaborating with the Sui Foundation and Binance to recover the stolen funds.
Following the incident, the price of CETUS plummeted by over 25%, currently trading around $0.17. Despite the sharp decline, some traders view this as a potential entry point, citing the protocol's strong fundamentals and the possibility of a rebound once security measures are reinforced.
The Cetus team has yet to release a detailed post-mortem of the attack, leaving the community awaiting further information on the steps being taken to address the vulnerability and restore confidence in the platform.
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