Original | Odaily Planet Daily (@OdailyChina_)
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Author | Ethan (@ethanzhangweb3)_

On the evening of May 22, community rumors claimed that the Sui ecosystem DEX Cetus LP was hacked and is being drained of its trading pool. As a result, SUI ecosystem tokens collectively crashed. Data from Dexscreener shows that some tokens experienced a maximum drop of over 80% in 1 hour, including: HIPPO down 80.3% at one point; LOFI down 75.39% at one point; SQUIRT down 96.65% at one point; WET down 75.38% at one point; CETUS down 49.6% at one point.

Sui was also affected to some extent by this hacking incident. According to OKX market data, the SUI token dropped to a low of $3.9, with a maximum drop of 7% in 1 hour. As of the time of publication, the SUI price has rebounded to around $4, while CETUS is currently reported at $0.167.

Who is Cetus?

Cetus is a DEX and CLMM based on the SUI and Aptos blockchains (also one of the largest DEX and LP protocols on the Sui chain), and its trading volume and TVL hold significant importance in the Sui ecosystem. It allows users to create permissionless LP pools, providing functions such as trading, LP management, and farming, similar to Uniswap V3.

After the hacking incident, Cetus posted on the X platform stating: "Abnormalities have been detected in the protocol, and the smart contract has been temporarily suspended for security reasons. The team is investigating this matter and will release a statement later."

SlowMist's Chief Information Security Officer @im23pds stated, "Preliminary analysis of the reason for Cetus's theft suggests a vulnerability caused by a calculation precision issue."

What have the hackers done so far?

According to monitoring by AI Aunt (@ai 9684 xtpa), the largest DEX on the Sui network, Cetus (@CetusProtocol), has had approximately $260 million in assets stolen. These stolen tokens have not all been sold off yet. The hacker's address (0xe28b50cef1d633ea43d3296a3f6b67ff0312a5f1a99f0af753c85b8b5de8ff06) has mainly done two things in the past half hour: withdrawn token liquidity; and transferred about 60 million USDC from SUI to the Ethereum mainnet to exchange for ETH (since most of the token pools use USDC as the stablecoin, this part constitutes a large portion).

It can be confirmed that the current short-term drop in tokens is mainly due to liquidity withdrawal and emotional panic.

Additionally, according to monitoring by PeckShieldAlert, the hacker deposited $10 million in SUI assets into Suilend, possibly intending to borrow stablecoins.

Assistance from Various Parties

Similar to the Bybit theft incident, various parties have come to assist in the Cetus theft.

Binance founder CZ stated: "We are doing our best to help SUI. The situation is not good. Hope everyone can be SAFU."

The official Sui account posted on the X platform: "At 18:52 Beijing time, we learned about an incident involving Cetus. Currently, the Cetus team is actively investigating this matter, and we will provide full support and further updates as soon as possible."

Odaily Planet Daily will continue to follow up on the developments regarding Cetus.

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