Altcoin Developers Make a Statement Regarding Today’s $224 Million Hack Incident

Cetus, one of the leading decentralized exchange platforms in the Sui ecosystem, was shaken by a major cyberattack.

Approximately $224 million in assets were seized by the attackers. However, according to the official statement from Sui developers, $160 million of the funds were frozen and recovered and will be returned to Cetus liquidity providers (LPs).

The funds stolen in the Cetus attack are currently distributed across four different addresses on the Sui and Ethereum networks. The distribution is as follows:

• SUI: $92.24 million
• Sui ecosystem tokens: $70.25 million
• ETH: $61.74 million

Sui officials and the ecosystem’s core development team shared details about the incident at an X (Twitter) Space event they organized. According to the statements:

• Attackers stole approximately $220 million in funds using a vulnerability in the Cetus Protocol.
• Of this amount, $160 million has been frozen and the refund process will begin shortly.
• The Cetus team and Sui developers are working together to recover the remaining $60 million.
• The Sui network was technically unaffected by the attack and remained secure.
• Cetus Protocol closed the breach, restarted trading, and brought the platform back online.
• Sui officials also argued that this incident was based solely on a vulnerability in Cetus, not the Sui network.

*This is not investment advice.

Source