Alleged Misuse of SUI's Cetus Protocol Leads to Over $260M Loss, Inquiry in Progress

Cetus, a Decentralized Exchange (DEX) operating on the Sui blockchain, has reportedly been hit by a major exploit, with over $260 million allegedly being stolen. The exploiter reportedly converted the stolen assets into USDC before transferring around $60 million worth to Ethereum and purchasing 21,938 ETH.

This event caused a significant drop in the value of several Sui-based tokens on Cetus, causing some to lose almost their entire value. Cetus has confirmed the exploit and paused its smart contracts as a precautionary measure while an internal investigation is launched.

Speculation suggests that the attacker had control over all SUI liquidity pools before they were drained. Binance founder CZ has offered support to the Sui team following the incident.