Latest news with #SuiFoundation
Yahoo
7 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
26-05-2025
- 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
24-05-2025
- Business
- Yahoo
Sui's largest DEX suffers massive $260M exploit
The Sui blockchain is presently reeling from considerable panic following a targeted attack against its primary liquidity provider, Cetus Protocol. The exploit extracted de facto control over SUI-denominated liquidity pools, compromising liquidity pools designed to maintain liquidity in the ecosystem. This led to widespread fund drainage and chaos in the marketplace. The Cetus Protocol confirmed a theft of approximately $223 million, out of which it has successfully frozen $162 million. The team is working with the Sui Foundation and other ecosystem members to recover the rest of the stolen funds, it said. On-chain analyst Lookonchain, on the other hand, estimated that more than $260 million has been lost. The exploiter is converting stolen funds into USDC and choss-chaining to Ethereum. The SUI/USDC pool was drained of around $11 million in liquidity. As liquidity pools have evaporated, trading volumes have, and most trades on decentralized exchanges (DEXs) have begun to fail, leaving users incapable of either buying dips or exiting positions at all. Overall market sentiment for tokens has turned sharply negative, and panic is spreading among SUI holders. The market confidence has been shaken to the core. Binance co-founder Changpeng Zhao "CZ" wrote on X, "We are doing what we can to help SUI." As the news of the Cetus exploit gained traction, the SUI token immediately fell nearly 10% to $3.82. It took some time to recover and was trading at $3.93 at the time of writing. The token is nonetheless still more than 63% up over a month. As per DEX Screener, SUI-based tokens plunged as much as 90% following the exploit. However, it was the CETUS token that had a drastic free fall as it immediately dipped nearly 40% to $0.1586. The token was trading at $0.1755 at the time of writing. Sui's largest DEX suffers massive $260M exploit first appeared on TheStreet on May 22, 2025 Sign in to access your portfolio
Globe and Mail
23-05-2025
- Business
- Globe and Mail
Why Crypto Investors Were Shunning Sui Today
Touted by proponents as an effective, lightning-fast alternative to rival blockchains, Sui (CRYPTO: SUI) wasn't having a good Friday. As of this writing the Sui token was trading down by more than 5% in value from 4 p.m. ET, due mainly to a hack suffered by a decentralized exchange (DEX). An investor would have been better served sticking with equities than buying Sui, as the S&P 500 index dipped by a relatively modest 0.4% during the stock trading day. Hack attack That DEX, Cetus Protocol, is built mainly on the Sui and Aptos chains. That morning, Cetus announced in a posting on its official X (formerly Twitter) account that it was attacked by a hacker. This perpetrator apparently stole assets worth roughly $223 million. The DEX said that it had successfully paused $162 million of those funds, but that leaves $61 million lost. It added that it was working with developer the Sui Foundation and others to determine follow-up moves. According to crypto news site The Daily Hodl, Cetus has identified the Ethereum wallet controlled by the alleged thief, and was negotiating to obtain the remainder of the stolen monies. Cetus is the largest DEX and liquidity protocol on the Sui chain, so a security breach is deeply concerning for anyone that holds the cryptocurrency. A hit to reputation it didn't need When a hack occurs in the crypto world, it can often be challenging for even the best blockchains to cope with the loss to their reputation, never mind the financial fallout from such incidents. Sui has a great many users and supporters, largely because transactions on the chain are quick and the system generally seems reliable. Hopefully it won't lose too much trust because of the attack. Should you invest $1,000 in Sui right now? Before you buy stock in Sui, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Sui wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $640,662!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $814,127!* Now, it's worth noting Stock Advisor 's total average return is963% — a market-crushing outperformance compared to168%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of May 19, 2025
