Crypto Chaos: Cetus Liquidity Pool Drained of $11M in SUI Tokens!

Panic Erupts as Cetus Halts Smart Contracts

Traders were thrown into a frenzy when LP provider Cetus seemed to lose $11 million worth of SUI from its liquidity pool. The team insists it was an oracle bug, not a hack.

Cetus Team Scrambles to Investigate

After spotting trouble on their liquidity platform, the Cetus crew slammed the brakes on their smart contracts to stop any more cash from slipping away. They're now digging deep to figure out what the heck went wrong.

Cetus Promises Updates Amidst Chaos

"We'll spill the beans soon. Thanks for hanging in there," the protocol declared.

Tokens Plummet as Liquidity Vanishes

At about 11:00 UTC, traders watched in horror as Cetus's liquidity pool got sucked dry, leaving the token count at zilch. Screenshots flying around online showed tokens like AXOL, SUIRI, and HIPPO crashing down, some by as much as 92% to at least 75% below their starting prices.

Cetus Platform Goes Silent

Right now, the platform's as quiet as a ghost town with all liquidity pools showing zero for their trading pairs, thanks to the paused smart contracts.

SUI Token Surges Despite Liquidity Drain

Even with all the buzz about the liquidity drain and the ensuing panic, SUI (SUI) token managed to climb up by 3.15% in the last 24 hours, hitting $4 per token. Its daily trading volume skyrocketed by 112% compared to the day before, nearing $2.5 billion.

SUI on a Month-Long Rally

Over the past month, the token's been on a wild ride, soaring by nearly 75%.

Discord Drama: Cetus Admins Urge Calm

On Cetus's Discord server, traders swapped screenshots of messages from Cetus bigwigs and coders. One member, Figure.Cetus, told everyone to keep their cool and promised a big announcement soon.

Oracle Bug Blamed for Liquidity Drain

Figure.Cetus swore up and down that Cetus wasn't hacked; it was just a pesky bug in the liquidity provider's oracle causing all the drama.

What's an Oracle Anyway?

In the wild world of crypto liquidity pools, oracles are the bridge that connect the pool's smart contracts to the outside world, feeding them real-time data on things like asset prices or market vibes. This helps the pool keep prices accurate and trades smooth.

Cetus Team Still Silent on Investigation

As of now, the Cetus team hasn't dropped any official word on their investigation, and those smart contracts are still on ice.