What to know:
- In a twist worthy of a tragicomedy, Cetus Protocol, the grandest DEX on the Sui network, has been exploited, halting trading and draining liquidity pools faster than you can say “liquidity crisis!”
- Our crafty attacker, armed with spoof tokens, danced through price curves and reserve calculations, extracting real assets like a magician pulling rabbits from hats. 🎩🐇
- In a bid for safety, Cetus has paused its smart contracts, while its token CETUS has taken a nosedive of 40%. Talk about a bad hair day!
Ah, the Cetus Protocol, the largest decentralized exchange (DEX) and liquidity provider on the Sui network, has been drained of a staggering $260 million worth of tokens in what can only be described as a heist of epic proportions, as revealed by our crypto detective, Lookonchain.
The wallet linked to this grand escapade — 0xe28b50 — now holds over 12.9 million SUI, valued at around $54 million. Who knew crime could be so lucrative? 💰
On-chain data suggests this wallet has a net worth exceeding 32.9 million SUI (approximately $137 million), hinting that our villain may have already bridged or swapped funds through multiple paths. A true financial Houdini!
As of this writing, the wallet remains active, likely in the process of obfuscating funds. This confirms the scale of the exploit and adds pressure to Sui’s DeFi infrastructure, as major token pools and pairs remain drained. What a tangled web we weave!
The Cetus team has paused the smart contracts and is actively investigating, as they announced in an X post. Early analysis suggests the attacker used spoof tokens like BULLA to exploit broken price curves and reserve calculations. Who knew math could be so treacherous?
They then added near-zero liquidity to manipulate the internal LP state, repeatedly removing real assets like SUI and USDC without depositing anything meaningful. A true masterclass in deception!
Seems like all @CetusProtocol LP were drained
Looking into tx, the likely exploit path was:
1. Swap in spoof token (e.g. BULLA → SUI), taking advantage of miscalculated price curve or broken reserve math.2. Add liquidity with a near-zero amount, to manipulate internal LP…
— sashko🇺🇦 (@d0rsky) May 22, 2025
Cetus confirmed the incident on X, stating the contract has been paused “for safety” and that a detailed statement will follow. Safety first, right? 🚧
Binance founder CZ has reached out to Sui to offer help. Because when the going gets tough, the tough call for backup!
Meanwhile, CETUS is down 40% in the past few hours, while Sui-based memecoins like BULLA and MOJO have plummeted over 90%. It’s a real rollercoaster ride in the crypto world! 🎢
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2025-05-22 16:05