The Sui project has a serious problem: Dex Cetus Protocol has been robbed of over USD 200 million liquidity. How did the attack happen?
Sui has problems through Cetus
The hacker took control of liquidity pools denominated in Sui, which belong to the decentralized Cetus exchange. It is not known how exactly the attack was made. There are theories on the web talking about the Luce in the oral of the project.
In response to what happened, the CETUS management team announced that they temporarily suspend their intelligent contracts, although many experts are of the opinion that this decision was taken too late.
(…) The attacker stole around USD 223 million from Cetus Protocol. We took immediate action to block our contract, preventing further theft of funds.
USD 162 million from endangered funds has been successfully suspended. We are currently working with the Sui Foundation and other members of the ecosystem over the next step solutions, aimed at recovering other stolen funds.
Most of the funds have been suspended, and we are actively looking for ways to recover the remaining part. We do not have a higher priority and we will provide further updates when they are available through this channel. The full report on the incident will be revealed later. We are honestly grateful for patience
Stock Exchange said in social media.
Onchain Lens analysis shows that the liquidity pools were paid over 200 million USD in Stablecoin and other assets, the whole was quickly transferred to the Ethereum network. Interestingly, everything lasted relatively short: Amlbot noticed that about USD 1 million per minute was transferred.
The Sui Foundation, which stands behind the Sui blockchain, so far reported that he cooperates with the developer team Cutus and tries to find gaps in security and prepare a strategy of responding to similar attacks. The worst thing, however, is that no specific plan to get out of the situation has been announced so far.
SUI problem
All this means a big problem for Sui as an ecosystem. Certainly the whole situation will cast a shadow on the project. Blockchain gained credibility due to bandwidth and low fees. A successful attack shows, however, that the network may not be completely safe.
Sui’s cryptocurrency also loses its value. From USD 4.2, it dropped to USD 3.7. Currently, 1 Sui costs $ 3.88.
