Sui Network Rocked As Cetus Protocol Loses $223M In Massive Hack
Cetus Protocol, the biggest decentralized exchange (DEX) on the Sui network, was hacked on Thursday, losing about $223 million worth of SUI tokens. The hack targeted the SUI/USDC liquidity pool, wiping out nearly all liquidity on Cetus and bringing trading on the platform to a halt. The incident also caused a flash depegging of USDC on the Sui chain, where it was reported to be exchanging hands for a fraction of a cent. Liquidity in some pairs fell sharply, with some pools dropping as low as $143,000. Cetus(@CetusProtocol) on #SUI was hacked and lost more than $260M! The hacker is converting the stolen funds into $USDC and cross-chaining to #Ethereum to exchange for $ETH, with ~60M $USDC already cross-chained.https://t.co/b0uGu8icXrhttps://t.co/0BpKSaygmr pic.twitter.com/txfxLoImOd — Lookonchain (@lookonchain) May 22, 2025 The exploit caused all of the top 15 SUI-based tokens to plunge by over 75%. Cetus Protocol Team Confirms Breach The Cetus team confirmed the breach a...