Latest news with #Cetus
Crypto Insight
2 days ago
- 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
2 days ago
- 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
3 days ago
- 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.
Epoch Times
5 days ago
- Business
- Epoch Times
Hacker Steals $223 Million From Crypto Platform Cetus
Decentralized cryptocurrency exchange Cetus suffered a security breach, with a threat actor successfully stealing $223 million from the platform, the company said in a May 22 The affected funds are divided into two portions. One is stored within the Sui blockchain network on which Cetus operates, the company As such, the $162 million is now blocked from being transferred to accounts outside of the Sui network managed by the hacker. Cetus asked the Sui community to support a 'protocol upgrade' so that the $162 million in frozen funds on the Sui network can be returned to the owners, the company said in a May 24 'No one can make this decision unilaterally. We propose an on-chain vote involving the network's major participants, including validators and SUI stakers, to decide on whether this upgrade is in the best interest of the Sui community. We want to recover and return the stolen funds, but we will respect whatever the community decides,' Cetus said. The second part of the funds, worth around $60 million, has been bridged out of the ecosystem and is mainly being held in the Ethereum blockchain. Cetus said it was working 'diligently' with security and analytics providers as well as law enforcement officials from across the world to recover the $60 million in stolen funds. Related Stories 5/12/2025 5/9/2025 In a May 23 X post, the company 'We have not received any communication from the hacker. We encourage the hacker to sincerely consider our offer terms,' Cetus said. The company did not clarify what these terms are. 'If the hacker should cooperate and accept our offer as we hope, we will refrain from pursuing any further legal action or recourse, including the $5M bounty. The bounty is payable at Sui Foundation's discretion.' North Korean Crypto Hacks Cetus is one of a number of crypto platforms to be targeted by hackers. On May 15, cryptocurrency exchange Coinbase Stolen info included names, phone numbers, addresses, emails, masked bank accounts, and government ID images such as passports and driver's licenses. The hackers tried to extort $20 million from the company, which Coinbase refused to pay. Instead, Coinbase set up a $20 million reward fund for any information leading to the arrest and conviction of the hackers. The hacking was facilitated by company insiders. 'The threat actor appears to have obtained this information by paying multiple contractors or employees working in support roles outside the United States to collect information from internal Coinbase systems to which they had access,' said a company filing. Another major crypto breach took place in February, when Bybit, the second-largest crypto exchange in the world, revealed that a hack occurred when the company was conducting a routine crypto transfer. Blockchain analysts tracked the attack to the Lazarus Group, a cybercrime gang reportedly operated by the North Korean communist regime. Hackers from North Korea are a major presence in global crypto breaches. In a Dec. 19 'U.S. and international officials have assessed that Pyongyang uses the crypto it steals to finance its weapons of mass destruction and ballistic missiles programs, endangering international security,' the report said. 'In 2023, North Korea-affiliated hackers stole approximately $660.50 million across 20 incidents; in 2024, this number increased to $1.34 billion stolen across 47 incidents—a 102.88 percent increase in `value stolen. These figures represent 61 percent of the total amount stolen for the year, and 20 percent of total incidents.'
Yahoo
6 days ago
- Science
- Yahoo
Space photo of the week: Violent galaxies seen 'jousting' near the dawn of time
When you buy through links on our articles, Future and its syndication partners may earn a commission. Quick facts What it is: Two galaxies colliding in the early universe Where it is: 11 billion light-years away, in the constellation Cetus When it was shared: May 21, 2025 If you get up before sunrise any day this month, you'll see bright Venus rising in the east. Just below it, in the constellation Cetus (The Whale), something spectacularly violent is happening in the distant background: a "cosmic joust" between two giant galaxies. There, 11 billion light-years from Earth and close to the beginning of the universe itself, two galaxies are moving toward each other at speeds of 310 miles per second (500 kilometers per second), destined to collide before retreating and colliding again and again. Captured by the European Southern Observatory's Very Large Telescope and Atacama Large Millimeter/submillimeter Array in Chile and published this week in Nature, the image is unique because one of the galaxies is a quasar, in which a supermassive black hole consumes so much gas and dust that it produces a glowing disk at the center of a galaxy. According to the European Space Agency, quasars are among the most luminous objects in the known universe, typically emitting thousands of times more light than the entire Milky Way. This quasar, J012555.11−012925.00, is shown on the right of the image. As the galaxy on the right collides with the galaxy on the left, it pierces its clouds of gas and dust with intense radiation — hence the comparison to the medieval sport of jousting — inhibiting the galaxy's ability to form new stars. The collision between these two galaxies leaves the one on the left in a much worse state. It's the first time astronomers have witnessed such a collision. "Here we see for the first time the effect of a quasar's radiation directly on the internal structure of the gas in an otherwise regular galaxy," Sergey Balashev, co-lead of the study and a researcher at the Ioffe Institute in St. Petersburg, Russia, said in a statement. The observations indicate that the spear of radiation from the quasar leaves intact only the densest regions of gas and dust, which are likely too small to form stars. Related: Cotton candy clouds shine in one of Hubble's most beautiful images ever SEE MORE SPACE PHOTOS —Cotton candy clouds shine in one of Hubble's most beautiful images ever —Bizarre 1-armed spiral galaxy stuns Hubble scientists —Record-breaking James Webb telescope image captures 1,678 galaxy groups at once Not surprisingly, the depletion of the companion galaxy leaves the quasar stronger, which provides new fuel to the supermassive black hole powering the quasar. "These mergers are thought to bring huge amounts of gas to supermassive black holes residing in galaxy centers," Balashev said. In addition to this spectacular image, the European Southern Observatory published videos on YouTube that explain the science, zoom in on the galactic collision, and give an artist's impression of the violent event. For more sublime space images, check out our Space Photo of the Week archives.
