Latest news with #Cetus
Crypto Insight
09-06-2025
- Business
- Crypto Insight
Sui DEX restarts, plots open-source move after massive exploit
Cetus Protocol, a Sui-native decentralized exchange that suffered a huge $220 million exploit in May, says it is now working on going open-source following its recent relaunch. An attacker exploited a pricing mechanism flaw to drain tokens from Cetus' major liquidity pools on May 22. The protocol managed to freeze $162 million of the stolen funds shortly after. Trade volume on Cetus had been trending upward before the attack, registering over $5 billion in April and another $5 billion in May, despite shutting down after May 22. Cetus liquidity pools replenished with loan and reserves In a June 7 Medium post, a day before its relaunch, the Cetus team said it's moving toward being fully open-sourced, with a new white bounty program, to 'encourage collective technical and security contributions.' As part of the relaunch, the team says it 'worked around the clock' and patched the software vulnerability, which allowed the hack, restored pool data to the correct pricing and conducted security audits on all code fixes and contract upgrades. Affected liquidity pools were replenished using a combination of $7 million in cash reserves, a $30 million USDC loan from the Sui Foundation and some of the recovered assets from the attacker. However, not all affected pools were fully restored, with the current recovery rate between 85% and 99%, depending on how much pool was drained during the attack, according to the Cetus team. Cetus sets aside tokens for compensation plan As part of a compensation plan for affected users, 15% of the protocol's native token supply, CETUS, is being set aside, with 5% available immediately and 10% linearly unlocked every month over the next year, starting June 10. The Cetus token is down over 12% in the last 24 hours, trading at $0.11, according to CoinGecko. There are also plans to upgrade the protocol monitoring system and have additional rounds of security audits. Protocol is still chasing funds Cetus said legal action is still on the cards, with legal proceedings launched in 'multiple jurisdictions' and law enforcement agencies 'actively involved' as well. 'The attacker ignored our previous white hat offer and has begun attempting to launder assets — a futile and traceable act. We are highly confident that successful arrest and recovering the remaining assets is only a matter of time,' the team said. The day after the hack, Cetus offered a white hat bounty of up to $6 million to the exploiter if they returned the stolen 20,920 Ether, worth over $55 million, along with the $162 million in stolen funds frozen on the Sui blockchain. Source:
Yahoo
09-06-2025
- Business
- Yahoo
Sui's Cetus DEX Is Back Online After $223M Exploit
Sui-based decentralized exchange (DEX) Cetus Protocol is back online following a 17-day outage spurred by last month's $223 million exploit. The protocol recovered around $162 million worth of stolen funds and is continuing legal action against the attacker, who did not respond to the DEX's requests to negotiate. Sui stepped in to compensate Cetus for the initial losses, issuing a loan to reimburse impacted users on May 28. DefiLlama data shows that Cetus' total value locked (TVL) was $284 million before the exploit and is now down to $124 million. The attacker exploited a flaw in Cetus' shared math library contract, tricking the protocol into believing that one token was worth millions of dollars. Despite attempts to negotiate and come to a settlement, the attacker began laundering funds through coin-mixing service Tornado Cash. Cetus has refilled the liquidity pools with between 85% to 99% of their initial liquidity, meaning that users can now trade on the platform without exceptional slippage. The Cetus token (CETUS) has lost 44% of its value over the past month and is down around 1% over the past 24 hours, CoinMarketCap shows. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Crypto Insight
29-05-2025
- Business
- Crypto Insight
SUI price chart hints at 2x rally amid Nasdaq ETF filing
Sui is making a strong technical case for a 100% price rally in the coming weeks, helped further by a slew of optimistic updates, such as the recent Nasdaq ETF filing with the US Securities and Exchange Commission (SEC). Gooner EMA support raises 40% SUI bounce potential As of May 28, SUI has reclaimed the 'Gooner EMA' as support on the weekly chart. Gooner EMA is a technical indicator created by trader NebraskanGooner that uses the 11- and 22-period exponential moving averages (EMA). When the price crosses above the EMA range, it often leads to further gains. When the price closes below the EMA range, it tends to follow deeper losses. SUI lost this support, roughly between $3.34 and $3.59, last week after a $200 million exploit hit Cetus, a decentralized exchange built on the Sui blockchain. Now that SUI has reclaimed the zone, bullish sentiment is returning, according to NebraskanGooner. He wrote: 'As long as it can hold Gooner EMA support, it can retest ATHs. Depending on market conditions — it even has a chance for a new ATH.' SUI's current record high is around $5.36, roughly 40% above the current prices. Fibonacci retracement levels and SUI's prevailing ascending channel setup project $7.56 as the new record-high target, up over 100% from the current levels. Nasdaq files for SUI ETF NebraskanGooner's bullish outlook for SUI appears almost a week after Nasdaq's SUI ETF application with the US Securities and Exchange Commission (SEC). 21Shares already offers a Sui exchange-traded product (ETP) in Europe, listed on both Euronext Paris and Euronext Amsterdam. Since its launch in July last year, SUI's price has surged by over 350%. These listings have also helped boost total assets under management (AUM) in SUI-based ETPs to $317.2 million, according to a May 26 report from CoinShares. Between May 16 and May 24 alone, SUI products attracted $2.9 million in inflows, ranking just behind Bitcoin, Ether, Solana and XRP in terms of net assets. The regulatory approval for Nasdaq's SUI ETF remains uncertain, akin to most crypto ETF applications. Source:
Arabian Post
29-05-2025
- Business
- Arabian Post
Cetus Protocol Breach Exposes $260 Million in Sui-Based Assets
A major security breach has compromised the Cetus Protocol, a decentralised exchange operating on the Sui blockchain, resulting in the loss of approximately $260 million in digital assets. The exploit has raised serious concerns about the security of decentralised finance platforms and the robustness of blockchain-based trading systems. 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. ADVERTISEMENT 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.
Yahoo
28-05-2025
- Business
- Yahoo
Sui Network Steps in to Compensate Cetus Losses in Full After $223M Exploit
Cetus Protocol, the largest decentralized exchange (DEX) on the Sui blockchain, has secured a loan from the Sui Foundation to compensate users in full following a $223 million exploit last week. These funds apply only to cover the bridged assets, and are separate from the frozen funds subject to an onchain community vote. 'Using our cash and token treasuries, we are now in a position to fully cover the stolen assets currently off-chain if the locked funds are recovered through the upcoming community vote,' Cetus said in an X post. 'This includes a critical loan from the Sui Foundation, making a 100% recovery for all affected users possible.' The recovery plan hinges partly on the outcome of a pending on-chain governance proposal, which would authorize the use of frozen funds to complete user reimbursements. 'These are extraordinary measures taken to protect the Sui community,' the Sui Foundation said in a statement, adding that a 'full recovery is possible' with the community's support. The exploit of Cetus last week involved an attacker manipulating spoof tokens, such as BULLA, to exploit flawed price curves and reserve logic, allowing them to drain SUI, USDC, and other real assets from liquidity pools without depositing equivalent value. At the time, over $162 million in stolen tokens were frozen on-chain, while the remainder were bridged out through multiple paths. The attacker's wallet (which is still active) was last seen holding over 12.9 million SUI, with additional assets likely swapped or obfuscated across networks. In response, Cetus paused its smart contracts and initiated an investigation, while its governance token, CETUS, dropped nearly 40% at the time. Trading activity across Sui's DeFi ecosystem slowed amid liquidity concerns and broader scrutiny of protocol safety. Now, with the new secured loan from the Sui Foundation, Cetus says it is in a position to begin reimbursing users immediately.
