Cetus, a decentralized exchange (DEX) on the Sui blockchain, has reportedly suffered a devastating exploit. According to on-chain investigator Lookonchain’s update, over $260 million was stolen from Cetus.
The attacker swapped the stolen assets into USDC and bridged roughly $60 million to Ethereum, where it was exchanged for ETH.
Lookonchain further reported that the exploiter has already spent $58.3 million USDC to purchase 21,938 ETH at an average price of $2,658 per token.
The breach has caused a dramatic collapse in the value of numerous Sui-based tokens on Cetus, with some assets like LBTC and AXOL losing nearly all their value. Other tokens such as LOFI, HIPPO, and SQUIRT have lost over 80% in the past six hours, according to data compiled by DEX Screener.
Cetus acknowledged the exploit via its official X account and confirmed that it had paused its smart contracts as a precaution and launched an internal investigation.
“There was an incident detected on our protocol and our
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