$200M Drained from Cetus Protocol on Sui Network in Oracle Exploit

The biggest LP provider on $SUI Network was hacked
A total of $200M have been drained from the ecosystem.
Here’s what’s happening🧵
This morning, Cetus Protocol, the main LP on Sui Network
Was exploited and over $200M in liquidity got drained
The attacker took full control of SUI-based pools and started emptying them nonstop
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%
Now it looks like the exploiter is trying 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
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