SUI Drops 4.81% Following Cetus Protocol Hack and $223M Loss

Sui (SUI) is currently trading at $3.6577 on Binance, reflecting a 4.81% decline over the past 24 hours, with robust trading volume and a market capitalization of approximately $12.46 billion. The recent price drop and increased volatility are primarily attributed to the security breach at Cetus Protocol, the largest decentralized exchange on the Sui network, which resulted in losses estimated between $223 million and $260 million and prompted temporary suspension of SUI token transactions on several South Korean exchanges. The hack led to a rapid decline in SUI’s price and a temporary depeg of USDC on the Sui network, while ongoing recovery efforts and a white hat bounty have been announced to address the incident.