A major security vulnerability in Cetus Protocol’s smart contract was exploited, leading to a theft of approximately $223 million in digital assets. The incident involves manipulation of liquidity pools and cross-chain transactions, highlighting risks in DeFi platforms. #CetusProtocol #SmartContractVulnerability
Keypoints
- The hackers exploited a vulnerability in an open source library used by Cetus Protocol’s smart contract.
- The attack involved manipulating pool prices and draining token reserves through multiple iterations.
- Approximately $223 million in assets was stolen, with $162 million frozen by Cetus.
- The hackers used stablecoins USDT and USDC, bridged assets to Ethereum, and converted funds to native tokens.
- Cetus offers a bounty to the hackers for returning the stolen assets and plans full reimbursement for affected users.
Read More: https://www.securityweek.com/223-million-stolen-in-cetus-protocol-hack/