The biggest LP provider on $SUI Network was hacked

A total of $200M have been drained from the ecosystem.

Here’s what’s happening🧵

The Cetus team says this wasn’t a hack

According to their first statement on Discord, they found a bug in the oracle

“Please remain calm. The team is working on fixing the issue”

Initial reports say more than $200M in liquidity could be gone

The exploiter is bridging out USDC in batches of ~$1M

Just the SUI/USDC pool lost $11M

Tokens paired with SUI are collapsing, most down 70 to 90%

It looked like the exploiter tried to turn the stolen funds into ETH

And launder it through Tornado Cash

While we wait for more updates on what’s going on

It’s important to note this is NOT a hack on Sui Network

The issue is isolated to Cetus Protocol

The team is working with Mysten Labs to fix the problem and share more details soon

The official message from Sui Network team members is clear

Stay calm and avoid spreading FUD without reason

This thread will be updated as we uncover more details about what happened