Sui LP provider Cetus allegedly drained of $11m SUI, hack or bug?

The merchants went down to a panic after the supplier of LP Cetus seemed to be drained by $ 11 million in his liquidity pool. The team said it was an Oracle bug, not a feat.

According to his most recent jobThe Cetus team temporarily interrupted its intelligent contracts to avoid other losses after detecting an incident on their liquidity platform. The team says it is currently investigating the deep cause of the alleged violation.

“Another statement of investigation will be published soon. We are grateful for your patience,” said the protocol.

Around 11:00 am UTC, the merchants noticed that the liquidity pool for the supplier of liquidity Cetus was drained of tokens, which brings the number of tokens to zero. Based on the screenshot circulating online, tokens in the protocol classification, notably Axol, Suiri, Hippo, among others, dropped up to 92% at least 75% below initial prices.

Currently, the platform remains dormant after the pause of intelligent contracts, all liquidity pools showing no figures for its trading pairs.

Despite the news of the liquidity drain and the panic linked to that circulating online, the sui (Sui) The token has always seen modest gains. In the past 24 hours, it increased by 3.15%, reaching $ 4 per token. Its daily negotiation volume increased by 112% compared to the previous negotiation day, reaching nearly $ 2.5 billion.

During the last month, the token was on a current rally, increasing by almost 75%.

Some traders who are members of the Discord server for Cetus shared screenshots Messages from the administrators and developers of Cetus. One of the members, Figure.Cetus, told merchants to stay calm and that the team will soon publish an ad.

Figure.Cetus said that the supplier of liquidity was not hacked, instead of the liquidity drain was due to a bug within the liquidity supplier oracle.

In cryptographic liquidity pools, oracles are used to connect the intelligent pool contracts to external data sources, such as the prices of active world or market conditions. This allows the pool to provide specific prices, commercial execution and other features according to the external information it receives.

At the time of the press, the Cetus protocol team has not yet published an official declaration concerning its surveys. In addition, intelligent contracts are always temporarily interrupted.