Cetus Loses Over $260 Million in Major Hacker Attack: Funds Converted to USDC and Transferred to Ethereum

COINOTAG reported on May 22 that Cetus has fallen victim to a severe hack, resulting in losses exceeding $260 million. The perpetrator is currently engaged in converting the stolen assets into USDC, utilizing cross-chain technology to transfer these funds to the Ethereum mainnet for the purpose of trading them for ETH. So far, approximately $60 million in USDC has successfully undergone this cross-chain transfer. The incident highlights the increasing vulnerabilities within the crypto space and underscores the necessity for enhanced security measures across decentralized finance platforms. As the market continues to evolve, stakeholders are urged to remain vigilant and prioritize security protocols to mitigate such risks.