Cetus Protocol Hacked on Sui: $200M Drained — What Happened?
On May 22, 2025, the largest DEX on the Sui blockchain — Cetus Protocol — suffered a massive exploit that shook the entire DeFi ecosystem on Sui.
Estimated damage: $150M–$260M.
Multiple analysts confirm that around $200M+ was drained from liquidity pools, with the worst-hit being $SUI/$USDC and meme coin pools.
How the Cetus Hack Happened
Attack vector:
The hacker exploited price curve manipulation and fake tokens (like BULLA) to swap them for real assets.
On-chain movements:
• Over 50M SUI and other tokens were moved to the hacker’s address.
• Roughly $60M in USDC was bridged out to Ethereum, likely as part of a laundering scheme.
•other tokens crashed 75–90% within hours.
• $USDC depegged briefly to $0.99, causing panic.
• Traders like James Wynn opened 10× leverage positions on $SUI’s plunge (down to ~$3.90).
• Entire DeFi activity on Sui halted — pools drained, trading frozen, panic selling continues.
Team & Community Response
• Cetus team froze smart contracts immediately and launched an investigation.
• Sui Network issued a statement: “We’re aware of the situation and assisting Cetus.”
• On-chain analysts and white-hats are now tracing funds and vulnerabilities.
What’s Next?
1. Official post-mortem expected from CETUS and $SUI teams.
2. Full security audit and protocol upgrade.
3. Potential compensation from insurance or ecosystem funds.
4. Extreme volatility remains — traders are building short-term strategies amid uncertainty.
TL;DR:
The Cetus Protocol hack on Sui marks one of the largest DEX exploits of 2025, exposing flaws in DeFi mechanics and trust assumptions. $SUI ecosystem is under pressure — but cleanup and recovery are underway.
Stay tuned for updates
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