On May 22, 2025, the Cetus protocol – one of the largest decentralized trading platforms on the Sui network – experienced a major security breach, resulting in the theft of nearly $200 million in liquidity.
Incident details:
Hackers exploited a vulnerability in the pricing mechanism (oracles) and used fake tokens like BULLA and MOJO to manipulate currency prices and withdraw real assets.
Funds were converted to USDC, then bridged to the Ethereum network and exchanged for ETH.
Team reaction:
The Cetus team immediately halted smart contracts to contain the damage.
A comprehensive investigation is currently underway to identify those responsible and recover the funds.
Market impact:
Sharp decline in the prices of tokens associated with Cetus.
Great concern in the Sui community.
Message: Be cautious when using new platforms, and always stay updated on security news and updates from official sources.
