SUI chain suffers a hacker attack, $200 million stolen 🕑 Timeline Overview
💲December 12, 2024: The first major hacker attack on the SUI network, approximately 6.27 million SUI (worth about $29 million 🔪) stolen. The hacker transferred the funds to the Ethereum network via the cross-chain bridge Bridgers and deposited them in Tornado Cash in batches for mixing.
🔍 Due to the limitations of the SUI block explorer, tracing the incident is difficult, raising community concerns about network security.
💲January 26, 2025: Details of the incident exposed, market panic ensues.
ZachXBT further discloses details of the attack at the end of 2024 on his personal channel, confirming the loss amount, which triggers panic in the market.
🔍 The price of SUI tokens plummets by 22% within a week, and institutional investors lose confidence in SUI due to security vulnerabilities, exacerbating sell-offs.
💲May 22, 2025: Cetus Protocol attacked, ecological shock.
🕑19:05: A user named X first issues a warning, stating that the largest liquidity provider on the SUI chain, Cetus Protocol, has been hacked, with the liquidity pool drained, resulting in a loss of approximately $150 million 🔪. Participants in Alpha's trading failed, and token prices generally fell by more than 50%.
🕑19:12 A user claims that the theft of Cetus has triggered a chain reaction in the ecosystem, high-frequency traders are on the sidelines, and market sentiment is low.
🕑19:15 A user posts, falsely claiming that "all SUI coins have been destroyed," exacerbating community panic (this is misinformation).
🕑19:36 A user posts, confirming that hackers have stolen assets exceeding $150 million 🔪, reminding investors to avoid high-leverage contract trading.
🕑19:46 A user posts, pointing out that the depth of the Cetus liquidity pool has declined, on-chain MEME coins have collapsed, and the hacker has begun to convert the funds to USDC.
🕑19:50 A user posts revealing that all liquidity pools of Cetus have been withdrawn, the price of Cetus tokens plummets, but the second-largest exchange, Blue, remains strong.
🕑20:32 A user suggests investors withdraw liquidity from SUI ecological projects and reduce their token holdings. The price of Cetus tokens falls sharply, while SUI prices stabilize temporarily.
🕑20:54 A user summarizes the incident as a "black swan," stating that Binance CEO CZ has expressed that he is assisting SUI in dealing with the crisis, and the market is concerned about the risk of whale liquidations. #sui
