Sui DEX Cetus Faces Potential $200M Exploit
The crypto world is on alert as Cetus, a decentralized exchange (DEX) on the Sui blockchain, is reportedly experiencing a significant security breach. Allegations suggest that over $200 million in digital assets may have been drained. This incident has sparked concerns about the security and transparency of the project.
Market Data and Token Performance
According to a post on X by Web3 researcher COMDARE3, users have reported a possible exploit on the Sui-based DEX Cetus. Data from DEX Screener indicates that numerous assets have lost a significant portion of their value in the past 24 hours. For example, some tokens like Lombard Staked BTC (LBTC) and AXOLcoin (AXOL) have seen their value plummet on Cetus.
- Cetus processed $2.9 billion in transactions today, an 89% increase from the previous day’s $320 million.
- Many of the top 15 losing assets on Cetus have lost over 75% of their value.
Interestingly, outside of Cetus, LBTC has reportedly gained over 4% in value, according to CoinMarketCap data. However, Axol (AXOL) has not fared as well, experiencing a loss of nearly 99.5%.
Suspicious Activity and Fund Transfers
The alleged exploiter’s address holds a substantial amount of various tokens, including nearly $52 million in Sui (SUI), raising concerns about potential illicit gains.
Official Response and Ongoing Investigation
Cetus has acknowledged the incident on their official X profile, confirming that they have detected an issue and have paused the smart contract for safety. An investigation is currently underway. As reported by Cointlegraph, blockchain analysts and compliance firms are questioning the project’s transparency, especially given the rapid movement of funds to Ethereum.
An AMLBot representative noted the speed of fund transfers to Ethereum, suggesting the situation might be more complex than a simple bug. Onchain data service Onchain Lens reported that the attacker gained control of all SUI-denominated pools and has begun moving $USDC.
This is a developing story, and further information will be added as it becomes available. Source: Cointlegraph
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