Cetus DEX Hit by Major Exploit; SUI Rebounds on Optimism

A significant exploit has hit the Cetus decentralized exchange, resulting in a $223 million loss. The blockchain platform took swift action, freezing funds and vowing to compensate users. Despite the setback, the Sui ecosystem is showing signs of resilience as SUI tokens rebounded by 9.37% within 24 hours after dropping to $0.70 following the news. The exploit’s ripple effect led to a temporary halt in borrowing on the Scallop money market while validators blocked malicious wallets and protocols are being investigated.