Cetus Protocol on SUI Network Hit by $260M Exploit—Team Scrambles to Investigate

Another day, another DeFi bloodbath—this time it’s SUI-based Cetus Protocol in the crosshairs. Hackers drained a jaw-dropping $260M, leaving the team frantically tracing blockchain breadcrumbs.

How’d they pull it off? Details are scarce, but insiders whisper about a possible smart contract loophole. The exploit’s timing is chef’s-kiss perfect—just as SUI was gaining traction among degens chasing the next big thing.

Meanwhile, Cetus’s token price nosedives faster than a crypto bro’s portfolio during a bear market. The team promises transparency (don’t they always?) while exchanges freeze withdrawals—classic damage control theater.

Here’s the kicker: this heist makes traditional bank robberies look like lemonade stands. But hey, at least in DeFi, the thieves wear hoodies instead of ski masks. Stay tuned for the post-mortem—assuming there’s anything left to autopsy.