Cetus Protocol Loses $260 Million in Hack, Sui Tokens Plummet 90%
Cetus Protocol, the largest DEX on the Sui network, has suffered a hack resulting in a loss of $260 million in tokens. Key points include:
- The exploiting wallet (0xe28b50) holds over 12.9 million SUI, valued at approximately $54 million.
- On-chain data indicates the wallet's total worth exceeds 32.9 million SUI (around $137 million).
- The attacker likely bridged or swapped funds to conceal assets.
- Cetus has paused its smart contracts and is investigating the incident.
- The exploit involved using spoof tokens like BULLA to manipulate price curves and remove real assets like SUI and USDC.
- CETUS token value dropped 40%, while Sui-based memecoins BULLA and MOJO fell over 90%.
- Binance's founder offered assistance to Sui in response to the breach.
