An independent blockchain analyst concluded that Cetus Protocol’s liquidity pools were drained using a multi-step exploit that manipulated token pricing mechanics.

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One analyst reviewing the transactions suggested that all Cetus Protocol liquidity pools were likely drained using a multi-step exploit. The hack likely abused vulnerabilities in token pricing and liquidity mechanics.

The attacker likely used a near-zero liquidity injection to manipulate the pools’ internal state. This allowed them to extract valuable SUI and USDC tokens without contributing real assets.

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