The Sui-based DEX Cetus suffered a major hack, losing $223 million. This incident highlights vulnerabilities in decentralized finance.
Incident Overview
On October 17, the Cetus protocol team discovered a security breach that affected liquidity pools. Attackers exploited vulnerabilities within the system to steal funds.
Market Impact and Affected Assets
The hack caused significant distortions in liquidity pools, leading to sharp price declines in Sui, USDC, and CETUS tokens. Some meme coins saw price drops exceeding 90%.
Team Response and Future Steps
The Cetus team paused protocol functions to assess vulnerabilities and protect assets. The Sui Foundation confirmed their assistance in mitigating the impact of the hack and strategizing for asset recovery.
The Cetus incident emphasizes the importance of security in decentralized finance. The Cetus team and Sui Foundation are collaborating on asset recovery and assessing measures for enhanced security.
