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The Coin Rise 2025-05-22 16:36:56

Scam Alert: SUI DEX Cetus Drained of $260 Million

Scam Alert: SUI DEX Cetus Drained of $260 Million

Cetus Protocol, a well-known decentralized exchange (DEX) on the SUI blockchain, has been hacked for over $260 million. As such, Cetus has temporarily stopped its smart contract operations to secure user funds and prevent further losses. Details of the Cetus Protocol Attack The attack was reported at about 3:52 am, and the Cetus team confirmed it through their official channels. According to Lookonchain, an on-chain analytics platform, the hacker is trying to hide the stolen assets by converting them into USDC and cross-chaining them to Ethereum (ETH). So far, nearly $60 million in USDC has already been transferred and exchanged for ETH, causing more concern in the DeFi community. The blockchain data also revealed that the attack was carefully planned, showing that the hackers understood how Cetus’s smart contracts work. Meanwhile, Cetus has built a strong reputation on the SUI blockchain. The exchange attracts users with its efficient trading setup and low fees. However, this incident raises concerns about the platform’s security checks and risk management practices. Cetus Protocol is working with security experts and authorities to combat the hack and possibly recover the stolen funds. Notably, this exploit adds to the rising number of high-profile DeFi attacks in 2025. As the investigation continues, the crypto community looks forward to updates from the Cetus team. Why are DeFi Protocols Vulnerable to Attacks? While Decentralized Finance ( DeFi ) has many advantages, its adoption across various blockchain platforms has attracted cybercriminals. Smart contract vulnerabilities are among the factors that make DeFi protocols vulnerable to hacking. Other factors include centralized points of failure , lack of regulation, complex transactions, and economic incentives. Hackers can use smart contracts to carry out malicious actions if smart contracts are not correctly coded. Therefore, users and developers must take security seriously and apply best practices. This will help reduce the likelihood of attacks and DeFi protocol vulnerabilities. Crypto Hacks Drop in March Meanwhile, March saw a significant decline in cryptocurrency-related losses from exploits, hacks, and scams, totaling just $28.8 million. This starkly contrasts with February’s $1.5 billion damages, largely fueled by the Bybit exchange breach. As reported by TheCoinRise, the primary culprits in March were code vulnerabilities, responsible for over $14 million in losses, followed by wallet compromises, accounting for $8 million in stolen assets. However, adding to the concerns, phishing scams impersonating crypto exchanges are becoming an increasing threat. ZachXBT estimated over $46 million in potential losses from such schemes in March. The post Scam Alert: SUI DEX Cetus Drained of $260 Million appeared first on TheCoinrise.com .

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