Operational tokens in the Sui Collapsan network after attack against the Cetus Protocol platform

The platform DEFI on the network Sui It suffers a serious vulnerability that would have caused a millionaire leakage of liquidity.

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• Tokens like Lofi, Hippo and Cetus more than 50% fell in minutes
• More than USD $ 260 million would have been drained, according to some analysis
• Cetus He paused his smart contract and is investigating the incident

Thursday morning, several operating tokens on the network Sui capitalized abrupt collapses in decentralized exchanges (DEX). According to various reports, this would be linked to a hack against the platform Cetus protocol, which acts as a key liquidity infrastructure for these assets.

According to reports, tokens such as Lofi and Hippo They lost more than 50% of their value in an hour. Other aactives even collapsed more than 90%. Although the prices in centralized exchanges were initially stable, the generalized fall in the Dex It is already beginning to impact the market in general, according to data from Coingcko.

The incident and the response of Cetus

Cetus protocol confirmed the situation in an X publication: “There was an incident detected in our protocol and our smart contract has been temporarily paused for security. The team is investigating the incident at this time. A more detailed statement will be issued soon. We appreciate its patience.”

The rapid response included the suspension of intelligent contract operations, a measure that seeks to limit greater losses while investigating the origin and magnitude of the attack.

The analysis firm Blockchain, lookonchain, He said that more than USD $ 260 million were drained from the protocol. According to his report, the attacker turned the robbed assets USDC, transferred them to the network Ethereum through a bridge (Bridge), and then exchanged them for Eth.

The most prominent figure in these movements was approximately USD $ 60 million in USDC Already taken out of the network Sui, which suggests a well planned and executed operation in record time.

The cybersecurity firm Blockchain, Peckshield, corroborated part of this information, calculating more than USD $ 200 million stolen, and repeating the estimate of USD $ 60 million in USDC crossed between chains.

Hack or failure?

The debate on the exact nature of the incident is still ongoing. While some members of the community of Sui They affirm that Cetus It was not directly hacked, others argue that it is an exploit related to a failure in its price oracle.

An oracle exploit occurs when an attacker manipulates external price sources that a protocol DEFI Use to calculate the value of the assets. If this component is manipulated, opportunities can be generated to drain liquidity illegitimately but without directly violating the contract code.

These types of attacks have affected multiple protocols DEFI in the past, due to the dependence of external data sources without additional validation.

Impact on the ecosystem Sui

Cetus It is considered one of the fundamental pillars in infrastructure DEFI of the network Sui, So this event represents a significant blow for the reputation of the network and its community. The Token Cetus About 50% fell in decentralized exchanges and 30% in the general market during the time after the incident.

Although some prices began to stabilize, damage to ecosystem is already made. The magnitude of the attack, added to the possibility of a structural vulnerability, raises serious questions about the security of protocols DEFI emerging.

Until the moment of this publication, Cetus protocol He has not issued a detailed report of what happened. The community awaits an exhaustive audit and concrete corrective measures to prevent future similar events.

Network developers Sui They could also face pressures to implement improvements in the oracles system and strengthen the security monitoring of their key protocols.

In a context where security in DEFI It is crucial for mass adoption, this case could become a reference on how not only the code, but also external sources of data, must be audited with equal rigor.

Article written by a content editor. Edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

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