Sui Ecosystem Rocked by $200M ‘Oracle Manipulation Attack’ on Its Largest DEX
The Sui ecosystem experienced a major exploit on the Cetus decentralized exchange, resulting in the theft of $200 million from liquidity pools. Meme coins like Lofi, Sudeng, and Squirtle plummeted by 76%, 80%, and 97%, respectively, while the Cetus token dropped 53%. The attacker exploited vulnerabilities in Cetus Protocol's smart contracts using spoof tokens to manipulate price curves, extracting assets from liquidity pools, including SUI/USDC. The attacker currently holds $164 million in a Sui wallet and has bridged $61.5 million in USDC to Ethereum. Cetus paused its smart contracts and is investigating the incident. Leaked messages indicate the exploit may stem from a bug in its oracle, leading to skepticism among users. Circle faced criticism for its slow response in freezing funds related to the hack. Despite the exploit, Sui's price rose by 2.2% over the past 24 hours.
