Cetus LP Provider Suffers $11 Million SUI Drain; Oracle Bug Under Investigation

A liquidity provider, Cetus, experienced a sudden drain of $11 million worth of SUI tokens from its cryptocurrency pool. This incident triggered panic in the crypto market, with traders witnessing a significant drop in token prices on the platform’s leaderboard. The Cetus team confirmed that the loss was likely due to an oracle bug and not an exploit. They temporarily halted their smart contracts to mitigate further losses while they investigate the exact cause of the breach. The team is expected to release a detailed investigation statement soon.