✈️Sui Drops 11% After Brief Surge to $3.81 Amid Hack Fears and Trump Tariff Threat✈️
Sui (SUI) has taken a sharp hit, falling 11% over the past week to $3.61 as of Friday (May 24), following a suspected hack on its largest DEX, Cetus, and fresh geopolitical tension.
1️⃣ DEX Hack Panic
Cetus, the main liquidity provider and decentralized exchange (DEX) on the Sui blockchain, was reportedly compromised, triggering fears across the ecosystem. Around $11 million was drained from the SUI/USDC pool, prompting mass withdrawals from spooked investors.
2️⃣ Macro Pressure from Trump’s Tariff Threat
U.S. President Donald Trump’s warning of a potential 50% import tariff on European goods added fuel to the fire. Bitcoin (BTC) also fell from $111K to $108K, reflecting a broader risk-off sentiment across crypto.
3️⃣ From Rally to Retreat
Sui had recently been on a hot streak, jumping over 40% in a single week in April and reaching an all-time high of $3.81. However, this latest pullback casts doubt on whether its bullish momentum can hold in the face of both internal and external risks.