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SUI crisis: There is a statement from the CEO of Binance
Claims of a security vulnerability at the popular decentralized exchange Cetus Protocol on the Sui network led to a significant get dumped in tokens associated with the platform. Tokens such as LOFI, HIPPO, and CETUS lost more than 50% of their value on decentralized exchanges within an hour.
CETUS is known as one of the largest decentralized exchanges and liquidity providers in the Sui ecosystem. However, following an incident this morning, it appears that millions of dollars worth of assets have been withdrawn from CETUS's pools.
The CETUS team stated in a announcement made via X, "A problem has been detected in our protocol. For security reasons, we have temporarily suspended our smart contract. We are investigating as a team, a detailed explanation will be provided soon."
On-chain analysis firm Lookonchain reported that cryptocurrency worth over 260 million dollars has been withdrawn from the system, with a large portion converted to USDC and transferred to the Ethereum network.
After the incident, the CETUS price dropped from 0.25 dollars to a level of 0.14 dollars. At the minutes the news was written, CETUS is trading at 0.16 dollars.
Finally, Binance CEO Richard Tong stated in a message shared via X, "We are aware of the concerns regarding SUI. Our team is doing everything possible to support the ecosystem and provide the necessary assistance." indicating that they are closely involved with the issue.
Published: May 22, 2025 17:02