Cetus Protocol Breach Exposes $260 Million in Sui-Based Assets
The breach was identified when users reported irregularities in transaction processing and unexpected asset movements within the Cetus ecosystem. Preliminary investigations suggest that the attackers exploited vulnerabilities in the protocol's smart contracts, enabling them to siphon off funds without immediate detection.
Cetus Protocol, known for its concentrated liquidity model, allows liquidity providers to allocate assets within specific price ranges to optimise trading efficiency. This model, while innovative, may have inadvertently introduced complexities that were exploited during the breach.
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The Sui blockchain, which underpins Cetus, is recognised for its high throughput and low-latency capabilities. However, the incident has highlighted potential weaknesses in the integration of complex DeFi protocols with emerging blockchain infrastructures.
In response to the breach, Cetus has suspended all trading activities and initiated a comprehensive security audit. The team is collaborating with cybersecurity experts to identify the breach's root cause and implement measures to prevent future occurrences.
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Such risks, uncertainties and other factors include, but is not limited the acceptance of Valour ETPs by exchanges; growth and development of decentralised finance and cryptocurrency sector; rules and regulations with respect to decentralised finance and cryptocurrency; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. THE CBOE CANADA EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE For further information, please contact: Olivier Roussy Newton Chief Executive Officer ir@
