A major security breach affecting the Cetus Protocol, the largest decentralized exchange (DEX) on the Sui blockchain, has resulted in a theft of approximately $260 million. This incident highlights vulnerabilities within the rapidly evolving realm of DeFi, particularly in newer blockchain security frameworks. 
The attacker, utilizing sophisticated tactics like spoofing tokens to manipulate price curves, drained funds from Cetus Protocol’s smart contracts. The stolen assets were converted into USDC and then bridged over to Ethereum before the team took action.
As a result, Cetus Protocol has suspended its smart contracts for security reasons while the team investigates the incident. 
Following this breach, SUI token prices have taken a hit, alongside the valuation of the CETUS tokens. This exploit poses significant challenges to the Sui ecosystem and raises concerns about systemic weaknesses within decentralized finance (DeFi) applications.
Binance CEO CZ has offered support to the Sui team in addressing this incident, indicating a collaborative effort across the industry.
This major breach serves as an alarming reminder of the critical need for robust security measures in DeFi. 
Learn more: [Onchain Lens](https://onchainlens.com).