Cetus Liquidity Provider Rocked by $223M Hack: Desperate Recovery Efforts Underway

Holy crypto chaos, folks! Cetus, the bigwig Sui liquidity provider, just got slammed with a $223 million hack! They're scrambling to get those funds back, but it's a wild ride!

Last Thursday, May 22nd, Cetus threw up their hands and admitted they'd been hacked. Boom! $223 million gone in a flash. They had to slam the brakes on their smart contract to stop the bleeding.

But wait, there's a glimmer of hope! Cetus managed to lock down $162 million of the stolen loot by freezing that smart contract action. The rest? It's bouncing around in a bunch of Sui wallets, and guess what? A lot of those wallets are already on the no-fly list!

Cetus ain't going down without a fight. They're teaming up with the Sui Foundation to clamp down on this mess and claw back as much cash as they can. And get this, the Sui Foundation's got the validators on the case, telling them to ignore any shady transactions from those hacked wallets!

"Cetus, DeFi protocols, the Sui Foundation, and the Sui validators - we're all in this together, fighting to keep the ecosystem safe. We've got the stolen funds' addresses pegged, and we're hitting ignore on any transactions from those wallets until further notice," the Sui Foundation declared.

Cetus Hack Pause Sparks Fury and Centralization Fears

Oh boy, the hack's got everyone fired up on social media. People are blasting Cetus left and right, saying that their ability to hit the pause button on their smart contract screams "centralized!" In the wild world of DeFi, no one's supposed to have that kind of power to stop things cold, right? Cetus hit that pause button the second they spilled the beans about the breach.

And guess what? The Sui Foundation's catching heat too, especially for telling validators to freeze those hacked wallets. One user dropped a bombshell: "What's worse? A hacker swiping funds or validators icing wallets?"

Neither the Sui Foundation nor Cetus has stepped up to the mic to address these firestorms of criticism.

After this whole mess, the Cetus Protocol token took a nosedive, crashing nearly 40% from a high of $0.25 to a measly $0.155. And the Sui token? It dipped 4%, trading at $3.89.