What Does the CETUS Hack Mean for DeFi Security on SUI?

Hackers drained over $220 million from CETUS DEX, a key SUI-based platform. $160 million in stolen funds has been frozen and is set for recovery. The hack has raised serious questions about DeFi security and SUI decentralization Hackers exploited CETUS, a top decentralized exchange on the SUI blockchain, draining over $220 million in assets. The breach on May 22 triggered a sharp 40% drop in the CETUS token. With $160 million frozen and recovery underway, the breach is now a flashpoint for ongoing debates around DeFi security on SUI. The attack on CETUS DEX began when a hacker withdrew liquidity from its pool, exploiting a vulnerability in the platform’s smart contract. The breach led to a sharp price plunge, as CETUS fell from a daily high of $0.24563 to about $0.17174, impacting CETUS holders. Related: SUI/Cetus Hack Update: $160 Million Of Over $220 Million Stolen Crypto Is Now Frozen Data from TradingView shows CETUS had gained approximately 16% earlier that day before crashing post-exploit. The sudden reversal spurred fears among traders and DeFi users, particularly those engaged in liquidity farming on the platform. CETUS DEX Hit: Hacker Drai… The post What Does the CETUS Hack Mean for DeFi Security on SUI? appeared first on Coin Edition .

Source: Coin Edition