$SUI 🚨🚨 Sui liquidity provider Cetus faces a massive $260M hack. SUI price is down 15% as result of negative news.
PUBLISHED BY
Nynu V Jamal
Updated 22 May, 2025 | 04:22:54 PM UTC
SUI Liquidity Provider Suffers $260M Hack, Price Dumps 15%
Highlights
The Sui network's Cetus Protocol has faced a $260 million hack.
The SUI price experienced a notable fall of 15% over the past four hours.
Binance founder Changpeng Zhao has pledged his support for Sui amid this crisis.
Cetus Protocol, SUI network’s largest decentralized exchange (DEX) and liquidity provider, has suffered a massive $260 million hack. Driven by the crypto hack, the SUI price is down nearly 15% and is currently trading at $3.90. Leading figures like Binance founder Changpeng Zhao (CZ) have promised their support for the blockchain network amidst this chaos.
Advertisement
SUI’s Cetus Hit by $260M Hack: Details
As revealed by Lookonchain, Sui’s Cetus DEX has been exploited by a hacker, whose wallet address is identified as “0xe28b50.” Reportedly, the attacker holds over 12.9 million SUI, valued at about $54 million.
Lookonchain further uncovered that the attacker is laundering the stolen funds by converting them to USDC. Later, they transferred approximately $60 million worth of USDC to the Ethereum blockchain, where they’re being exchanged for ETH. Analyst Ted also confirmed that the hacker has already bought $60 million worth of ETH tokens.
Following the incident, the Cetus team has paused its smart contracts and is actively investigating the exploit.
Preliminary findings suggest the attacker used fake tokens, such as BULLA, to manipulate price curves and reserve calculations, adding minimal liquidity to distort internal LP states and drain real assets like SUI and USDC. The team confirmed that the contract has been paused “for safety.”
The development team sprang into action after learning of the Cetus incident. They promised to investigate and take necessary action. The team wrote,
At 3:52 AM PT, we became aware of an incident concerning Cetus.
