@jiot425
USDC token lost its value on the SUI platform, dropping to zero. The main reason behind this is a major cyber attack on Cetus Protocol, a leading decentralized exchange (DEX) on the SUI blockchain. In this attack, over $200 million worth of digital assets were stolen, causing several tokens on the SUI network to lose 70-90% of their value.
Key points about this incident:
* Cetus Protocol is a major DEX operating on the SUI blockchain.
* The attackers removed liquidity from USDC and SUI pools, leading to a sudden price crash.
* Around $60 million USDC was transferred to the Ethereum network.
* Due to this attack, trading activity on the SUI network was affected, and some tokens saw their prices drop by almost 99%.
If you want to explore more details, you can check out this link. This event is a strong reminder to crypto investors about the importance of understanding risks before investing in any digital asset. š
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