Cetus Protocol, a key decentralized exchange (DEX) and liquidity provider on the Sui blockchain, was suspected to be the target of a cyberattack on Thursday. Initial on-chain analyses indicated a rapid and substantial drain of liquidity from multiple trading pools, severely impacting token trading on the platform.
Trading functionality on the platform has stopped working, while liquidity across various token pairs has depleted. While $SUI prices remain stable on centralized exchanges, several liquidity pool tokens on Cetus have dropped by up to 80%.
At the time of writing, the Cetus development team has yet to release an official statement.
