Cetus Protocol, SUI community’s largest decentralized alternate (DEX) and liquidity supplier, has suffered a large $260 million hack. The SUI worth is down practically 15% and is presently buying and selling at $3.81. Binance founder CZ has promised his help and warranted buyers he’s doing all he can.
SUI’s Cetus Hit by $260M Hack: Details
As revealed by Lookonchain, Sui’s Cetus DEX has been exploited by a hacker, whose pockets tackle is recognized as “0xe28b50.” Reportedly, the attacker holds over 12.9 million SUI, valued at about $54 million.
Lookonchain additional uncovered that the attacker is laundering the stolen funds by changing them to USDC. Later, they transferred roughly $60 million price of USDC to the Ethereum blockchain, the place they’re being exchanged for ETH. Analyst Ted additionally confirmed that the hacker has already purchased $60 million price of ETH tokens.
Following the incident, the Cetus crew has paused its sensible contracts and is actively investigating the exploit.
Preliminary findings counsel the attacker used faux tokens, equivalent to BULLA, to control worth curves and reserve calculations, including minimal liquidity to distort inner LP states and drain actual belongings like SUI and USDC. The crew confirmed that the contract has been paused “for safety.”
The improvement crew sprang into motion after studying of the Cetus incident. They promised to research and take needed motion. The crew wrote,
At 3:52 AM PT, we turned conscious of an incident regarding Cetus. The Cetus crew has our energetic help on this ongoing investigation and can present additional updates as quickly as they change into obtainable.
In response to the crypto hack, Binance founder Changpeng Zhao shared an X publish, providing full help to the platform. He wrote on X, “We are doing what we can to help SUI. Not a pleasant situation. Hope everyone stay SAFU!”
We are doing what we are able to to assist SUI. Not a pleasing state of affairs. Hope everybody keep SAFU!
— CZ 🔶 BNB (@cz_binance) May 22, 2025
SUI Price Plummets, But Maintains Momentum
Following the crypto hack, the SUI token plummeted, however continues to be buying and selling within the inexperienced zone. Earlier immediately, the token hit a weekly excessive following OKX’s launch of xBTC, a 1:1 wrapped Bitcoin token, on the platform.
However, the bullish pattern was momentary because the token dipped and is now buying and selling at $3.65. Over the previous 24 hours, SUI surged by 4.91%. Over the previous 4 hours, the token has seen a notable plummet of greater than 10%. Initial reviews steered a large outflow of $200 million in funds, triggering panic throughout the group.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of expertise in blockchain, web3, and fintech spheres. She has established herself as a educated and interesting voice within the cryptocurrency and blockchain house. Her expertise as an Assistant Professor in English Language and Literature has additional added to her quest for crafting informative, well-researched, and accessible content material.
Disclaimer: The offered content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.
