šSui Dives 10% After Hitting $3.81, Caught in Hack Scare and Trade Tensionsš
After reaching a recent high of $3.81, Sui has dropped 10% in the past 24 hours, now trading at $3.614. What happened? A suspected DEX hack and... Trump?
1ļøā£ Cetus DEX Under Fire
The drop follows reports that Cetus, a key liquidity provider and decentralized exchange (DEX) on the Sui blockchain, may have been hackedāprompting panic in the ecosystem.
2ļøā£ Macro Pressure from Tariff Drama
Adding fuel to the fire, President Donald Trump threatened to impose a 50% tariff on European goods starting June 1, which rattled broader crypto markets. Even Bitcoin slid from $111K to $108K after the announcement.
3ļøā£ $11M Drained, Confidence Shaken
Roughly $11 million worth of SUI was drained from the SUI/USDC pairāone of the ecosystemās largestāsparking fears of persistent vulnerabilities in DeFi, despite ongoing tech advancements.
CONTEXT:
Sui had previously surged 40.12% in April to hit its $3.81 high. But with security concerns and geopolitical jitters hitting simultaneously, the party may be taking a breather. Still, some investors see this as just another chapter in the DeFi rollercoaster ride.