Cetus Crashes! $11M SUI Gone – Was It a Hack or Just a Bug? 🤔💸

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Hold onto your seats, folks! Traders are flipping out after LP provider Cetus allegedly got drained of a whopping $11 MILLION worth of SUI from its liquidity pool. But don’t worry, the team claims it was just an “oracle bug”—you know, no big deal! 😅

According to their latest gossip… uh, I mean “official statement,” the Cetus team has hit the “pause” button on their smart contracts to prevent any more cash from evaporating. They say they’re investigating the cause of this “incident.” Well, isn’t that reassuring? 😜

“Stay tuned for a further investigation statement,” said the protocol, as if anyone could wait for that. “Thanks for your patience.” Um, okay, sure… but we’re still waiting for the money to reappear. 🤷‍♂️

🚨Alert Announcement 🚨

There was an incident detected on our protocol and our smart contract has been paused temporarily for safety. The team is investigating the incident at the moment. A further investigation statement will be made soon. We are grateful for your patience.

— Cetus🐳 (@CetusProtocol) May 22, 2025

At around 11:00 UTC, panic spread like wildfire as traders realized Cetus was draining faster than a sinking ship. The liquidity pool went from being full to… empty. The token supply count? ZERO. And don’t get me started on the token prices! AXOL, SUIRI, HIPPO—name them, they all dropped faster than your last date’s excuse. They plummeted by up to 92%! 😱

At the moment, the platform is basically on life support. Smart contracts are paused, and the liquidity pools? Yeah, they’ve got no numbers at all. Silence. Crickets. 🦗

But wait! In a plot twist straight out of a crypto thriller, the SUI token is still doing its thing—kinda. Despite all the chaos, it’s up by 3.15% in the last 24 hours, hitting $4 per token. Oh, and its daily trading volume? A tiny little jump to $2.5 BILLION—no biggie. 📈

Over the past month, SUI’s been on a rollercoaster, climbing nearly 75%. Looks like the wild ride isn’t over yet! 🎢

Meanwhile, traders on the Cetus Discord are having their own meltdown. One member, Figure.Cetus, told everyone to keep calm and wait for a “proper announcement.” Ah, the ever-so-reassuring “we’ll fix it soon” approach. 🙄

According to Figure.Cetus, it wasn’t a hack (phew!), just a bug in the liquidity provider’s oracle. Well, isn’t that a relief? Nothing says “we’ve got it under control” like a little technical glitch! 😂

In case you don’t know (and why would you?), oracles are the unsung heroes of crypto liquidity pools. They connect smart contracts to external data sources—like real-world asset prices or market conditions. So when they bug out, well… things can get a little… weird. 😏

As of now, the Cetus team has yet to provide an official statement. And smart contracts? Still paused. The plot thickens…

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2025-05-22 15:31