tl;dr
Sui’s native token began recovering after a price drop caused by a $223 million exploit of Cetus, the largest decentralized exchange on the Sui blockchain. The token fell from $4.18 to $3.82, trading recently at $3.89, down 3.7% over 24 hours. The attackers drained funds from Cetus’ liquidity pools,...
Sui’s native token began a partial recovery after a significant price drop triggered by a $223 million exploit targeting Cetus, the largest decentralized exchange on the Sui blockchain. The token fell from $4.18 to $3.82 but recently traded at $3.89, marking a 3.7% decline over 24 hours.
Attackers drained funds from Cetus’ liquidity pools, with their wallet currently holding approximately $37 million in cryptocurrencies. In response, Cetus paused its smart contracts to prevent further losses and is actively seeking ways to recover the stolen funds. An official incident report from Cetus is expected soon.
This breach underscores the growing challenges faced by the decentralized finance (DeFi) sector. In 2024, DeFi-related cyber thefts reached $2.2 billion, reflecting a 21% increase from the previous year. Centralized exchanges haven’t been spared either, with a record-breaking $1.4 billion hack hitting ByBit in February.
While Sui’s native token shows signs of bouncing back, other ecosystem tokens like Lofi, Sudeng, and Squirtle continue to suffer significant losses, trading down 15%, 6%, and 91% respectively over 24 hours. The incident highlights the ongoing volatility and risks in the crypto space, emphasizing the need for robust security measures across DeFi platforms.