Cetus DEX was attacked and lost 260 million USD, this is another serious hacking incident after the theft of 29 million USD in SUI tokens in December 2024, hoping to get through this #比特币突破11万美元 #币安Alpha上新 #币安LaunchpoolHUMA $SUI

Analysis of the SUI Theft Process and Predictions of Subsequent Outcomes and Risks
1. Process Analysis of the SUI Theft Incidents
According to multiple reports, the Sui network experienced two major security breaches between December 2024 and May 2025:
1.1 December 2024: Theft of $29 Million SUI Tokens
- Attack Method: Hackers infiltrated a major holder’s wallet on the Sui network through unknown means, stealing 6.27 million SUI tokens (valued at $29 million at the time). The stolen assets were bridged to the Ethereum network via cross-chain tools (e.g., Bridgers) and laundered in batches using Tornado Cash.
- Challenges in Tracking: Limitations in Sui’s blockchain explorer and analytics tools hindered the tracing of stolen funds. Post-incident, victims could only mitigate losses by transferring domain assets (e.g., .sui) to new addresses.
- Underlying Issues: This incident exposed vulnerabilities in Sui’s on-chain tracking, cross-chain asset monitoring, and wallet security, highlighting the insufficient defense capabilities of emerging Layer 1 networks against sophisticated attacks.
1.2 May 2025: Cetus DEX Exploit Leading to $260 Million Loss
- Attack Method: Hackers exploited a smart contract vulnerability (likely a precision calculation flaw) in Cetus DEX, a leading decentralized exchange on Sui, draining liquidity pools and transferring approximately 60 million USDC to Ethereum for ETH conversion. Simultaneously, liquidity for other tokens was withdrawn, causing a collective crash in Sui ecosystem tokens (some plummeting over 80%).
- Contagion Effects: The attack triggered market panic, with the SUI token price dropping 7% within hours. Other Sui ecosystem projects (e.g., Bluefin DEX) suspended services to mitigate risks.
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Predictions of Subsequent Outcomes and Risks
Based on the interconnected nature of these incidents and Sui’s current state, the following developments are anticipated:
2.1 Short-Term Market Impacts
- Token Price Pressure: SUI may face continued volatility due to eroded market confidence. Despite technical upgrades (e.g., transaction speed optimization to 390 ms) and ecosystem expansion (e.g., gaming/storage projects), negative sentiment from the hacks could keep prices fluctuating within the $2.3–4 range.
- Ecosystem Trust Crisis: Developers may question Sui’s security, particularly for DeFi and cross-chain projects, leading to user attrition. Rigorous security audits will be critical to rebuilding trust.
2.2 Security and Governance Upgrade Pressures
- Technical Enhancements: Sui must accelerate upgrades to its blockchain explorer, improve on-chain tracking, and collaborate with third-party security firms (e.g., Blockaid) to strengthen wallet protections.
- Governance Transparency: Critics like Cyber Capital’s founder have flagged centralization risks in Sui’s tokenomics (84% of staked tokens controlled by the team). Failure to disclose addresses or adjust distribution mechanisms could trigger further sell-offs.
2.3 Long-Term Ecosystem Challenges
- Intensified Competition: Repeated security breaches may weaken Sui’s competitiveness against Layer 1 rivals like Solana and Aptos, especially in attracting institutional capital (e.g., ETF prospects) and developers.
- Regulatory Scrutiny: Cross-chain money laundering (e.g., Tornado Cash usage) may invite regulatory crackdowns, forcing Sui to adapt compliance strategies.
2.4 Potential Opportunities
- Storage Economic Model: Successful implementation of projects like Walrus Storage (consuming SUI tokens) could create economic loops to offset security risks.
- Institutional Interest: Institutions such as Bitwise view Sui as meeting investment criteria. ETF approvals or long-term capital inflows could stabilize prices.
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Conclusion and Recommendations
Sui’s innovations (e.g., parallel transaction processing, Move language) and ecosystem growth plans (AI, gaming) retain potential. However, urgent actions are required to address:
1. Security Infrastructure: Implement on-chain monitoring protocols and cross-chain asset freezing mechanisms.
2. Tokenomics Reform: Burn unallocated tokens or transfer governance to decentralized mechanisms to reduce centralization risks.
3. Ecosystem Partnerships: Deepen collaborations with security firms and gaming studios to boost user/developer confidence.
Failure to address these issues could lead to market share erosion and long-term value decline.
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