One of their biggest DEXs, Cetus Protocol, has been hacked and drained of millions of dollars. The leading DEX, built on the SUI blockchain, lost a huge sum of $200 million to this exploit, described as one of the biggest in the ecosystem.
The malicious attackers manipulated price curves using illegitimate tokens like BULLA to drain the liquidity pool. The hacker converted a portion into USDC, bridging about $60 million to Ethereum, where it was swapped for ETH.
Cetus Protocol, in a cautionary move, suspended all smart contracts. The SUI network has joined Cetus in investigating the breach. Most of the coins are down -80% to -90% as a result of the incident.