After the cryptocurrency hack, the SUI token plummeted, marking a 15% drop in four hours, despite a previous rally following the launch of OKX's xBTC, a 1:1 wrapped Bitcoin token.
However, the bullish trend was momentary, as the token fell and is now trading at $3.66. While the price of SUI dropped 4.38% in the last 24 hours, it has experienced a remarkable increase of 33% in the last 30 days. Initial reports suggested a massive outflow of $200 million in funds, which triggered panic in the community.
In addition to the SUI collapse, other Sui-based tokens on Cetus, such as LBTC and AXOL, experienced sharp declines, losing almost all their value. Other assets like LOFI, HIPPO, and SQUIRT fell by about 80% in the last six hours, driven by the cryptocurrency hack.