The lion’s share of the cryptocurrency stolen from the decentralized exchange Cetus Protocol was promptly frozen.
Today [May 22] we confirmed the theft of approximately $223 million from Cetus Protocol. We immediately took action to block the smart contract to prevent further losses.
The stolen digital assets worth $162 million have been successfully frozen. We are working with Sui Foundation employees and other ecosystem members to return the virtual currency, the platform representatives said.
Cybersecurity experts have found that the attacker managed to withdraw digital assets from the exchange due to a vulnerability in the platform’s smart contract code, with the help of which he was able to manipulate the mechanism for determining the price of coins, apparently underestimating their rate.
The hacker managed to legalize at least 20,000 ethereums worth $53 million. However, the validators of the Sui (SUI) network, in which Cetus Protocol operates, identified the addresses of the attacker’s crypto wallets in time and do not confirm the transactions that he is trying to make, thus blocking coins worth $162 million.
On Friday, it became known that the exchange employees contacted the criminal and offered to return the stolen 20,920 ETH worth $56,4 million and all Sui coins in exchange for a reward of 2,324 ETH ($6 million). Given the freezing of digital assets, it can be assumed that he will agree to the offer. In this case, no charges will be brought against him.
After the trading platform was hacked, its native kriptovalyuta Cetus Protocol (CETUS) fell sharply by 40%, but then its rate corrected, and now it costs 24% less than before the cyberattack. The plan for restoring the token price and paying compensation to the victims of the attacker has not yet been published; apparently, the startup’s employees are waiting for the results of negotiations with the hacker.
Cetus Protocol Price Crash After Exchange Hack
