Original | Odaily Planet Daily ( @OdailyChina )
Author | Ethan ( @ethanzhang_web3 )
On the evening of May 22, community rumors said that the Sui ecosystem DEX Cetus LP was hacked and the trading pool was being emptied. Affected by this, the SUI ecosystem tokens collectively crashed. Dexscreener data showed that the highest drop of some tokens in 1 hour exceeded 80%, among which: HIPPO fell 80.3% in a short period of time; LOFI fell 75.39% in a short period of time; SQUIRT fell 96.65% in a short period of time; WET fell 75.38% in a short period of time; CETUS fell 49.6% in a short period of time.
Sui was also affected to a certain extent in this hacker attack. According to OKX market data, the SUI token fell to as low as $3.9, with a maximum drop of 7% in 1 hour. As of press time, the price of SUI has rebounded to around $4, and CETUS is temporarily reported at $0.167.
Who is Cetus?
Cetus is a DEX and CLMM based on SUI and Aptos blockchain (also one of the largest DEX and LP protocols on Sui chain), and Cetuss trading volume and TVL occupy an important position in Sui ecosystem. It allows users to create permissionless LP pools, providing functions such as trading, LP management and Farming, similar to Uniswap V3.
After the hack, Cetus posted on the X platform: An abnormality has been detected in the protocol, and the smart contract has been temporarily suspended for security reasons. The team is investigating the matter and will release an investigation statement later.
SlowMist Chief Information Security Officer @im23pds said, Preliminary analysis of the cause of Cetus theft suggests that the vulnerability was caused by a problem with calculation accuracy.
What have hackers done so far?
According to AI Auntie ( @ai 9684 xtpa ), about 260 million US dollars of assets were stolen from Sui networks largest DEX Cetus ( @CetusProtocol ). These stolen tokens have not been sold yet. The hacker address ( 0xe28b50cef1d633ea43d3296a3f6b67ff0312a5f1a99f0af753c85b8b5de8ff06 ) has mainly done two things in the past half hour: withdrawing token liquidity; transferring about 60 million USDC from SUI to the Ethereum mainnet to exchange for ETH (because most of the stablecoins used in the token group pool are USDC, this part accounts for the majority).
Therefore, it can be determined that the current short-term plunge in tokens is mainly due to pool withdrawal and emotional panic.
According to PeckShieldAlert monitoring , the hacker deposited $10 million in SUI assets into Suilend, with the intention of lending stablecoins.
Assistance from all parties
Just like the Bybit theft, various parties came to help when Cetus was stolen this time.
Binance founder CZ said: We are doing our best to help SUI. The situation is not good. I hope everyone can SAFU.
Sui officially posted on the X platform: At 18:52 Beijing time, we learned about an incident involving Cetus. Currently, the Cetus team is actively investigating the matter. We will also provide full support and provide further updates as soon as possible.
Odaily Planet Daily will continue to follow up on Cetus subsequent developments.
