Recently, the decentralized exchange Cetus, the largest liquidity provider in the Sui ecosystem, suffered a hacking attack, resulting in the theft of cryptocurrency worth approximately $223 million. The attackers exploited a vulnerability in the smart contracts, using fake tokens to manipulate prices and reserves. This caused a collapse of token $SUI by 70–90% and a loss of the USDC stablecoin's peg to the dollar.
The Cetus team promptly responded by suspending the operation of smart contracts to prevent further losses. Thanks to the support of Sui validators, it was possible to freeze $160–162 million, which constitutes about 70% of the stolen assets. These funds will soon return to the liquidity pools. Currently, the Cetus team has fixed the vulnerability and continues the investigation, promising regular updates.
This incident highlights the importance of security in the DeFi space and the need for quick response. Stay tuned for news from the crypto world to keep up with events! Subscribe to #MiningUpdates for current news and analytics.
#CryptoNews #BlockchainSecurity #defi #SuiNetwork #CetusHack #CryptoRecovery
