Cetus Protocol, a decentralized crypto exchange and key liquidity provider on the Sui blockchain, said it lost approximately $223 million in a security breach.

The project confirmed the incident in a post on X, formerly Twitter, stating that its smart contracts had been paused “temporarily for safety” and that a full investigation is underway. “The team is investigating the incident at the moment. A further investigation statement will be made soon,” the post said.

“We have took immediate action to lock our contract preventing further theft of funds. $162M of the compromised funds have been successfully paused,” the firm ...