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SUI Liquidity crisis impacts Sui blockchain: In-depth analysis of suspected vulnerabilities
On July 11, multiple liquidity pools on the Sui blockchain were suddenly exhausted, triggering community concerns about potential vulnerabilities. These liquidity pools are mainly associated with BlueMove, a decentralized trading platform in the Sui ecosystem.
Did BlueMove withdraw the liquidity pool?
Reports indicate that BlueMove may have withdrawn the total value locked in all liquidity pools on its platform, resulting in a staggering loss of more than 700,000 SUIs. Tyler Simpson, head of Quantum Void Labs, highlighted the disturbing trend on social channels under the pseudonym @quantumvoidlabs. He further explained that tokens issued through BlueMove's MovePump Launchpad bear the brunt, among which Meme coins and small projects have been particularly severely affected, and their liquidity has dropped to zero.
How does on-chain evidence support these claims?
Blockchain monitoring agency Defimon Alerts found a chain message stating that about $400,000 had been withdrawn from a certain BlueMove liquidity pool. The information hints at a potential "white hat" agreement, whereby responsible parties can retain 30% as a reward for discovering a vulnerability, provided that 70% of the funds are returned to a specific Sui address within 48 hours. The sender warned that if non-compliance was not complied, legal proceedings would be initiated and recovery measures would be taken.
Community members also confirmed the findings. For example, X user @saksidasaksi commented that BlueMove is proactively reducing the liquidity pool and causing a decline in available liquidity for projects that rely on MovePump contracts, such as Beeg Blue Whale. They pointed out that BlueMove had stopped development not long ago and had withdrawn liquidity by mistakenly assuming that the tokens were protected.
Is there a history of implanted back doors?
Simpson discovered that BlueMove may have a backdoor, which originated from a package update performed on May 31 by the party controlling the upgrade rights of the Sui smart contract framework. The update enables a function to recycle added liquidity and a dual casting function to expand LP tokens, and these changes are subsequently locked out as permanent changes. Defimon Alerts confirmed the findings and emphasized that the damage was estimated at between $400,000 and $550,000, in addition to the 700,000 SUIs mentioned by Simpson.
In August 2023, the project had previously stopped its operations on the Sei network due to insufficient transaction volume, and users were instructed to remove NFT within 72 hours. However, BlueMove has yet to provide an official response to the allegations.
This incident resulted in the loss of more than 700,000 SUIs, and Meme coins and small projects were affected.
It was reported that a backdoor vulnerability was embedded in a package update of BlueMove.
Community members expressed disappointment and concern about BlueMove's recent behavior.
BlueMove has not issued a formal statement on liability or remedies.
The situation continues to simmer, and BlueMove has not yet provided a clear solution to the allegations or the financial losses suffered by the affected projects. The cryptocurrency community is watching closely and looks forward to further progress.
