- The Sui network experienced a major cyber attack on the Cetus protocol on May 22, resulting in the theft of approximately $223 million, causing the value of the SUI token to drop by about 20% compared to its levels before the attack.
Currently, the SUI token is trading at around $3.62, down by 1% over the last 24 hours, after having recorded a 60% increase over the past month, peaking at $4.29 on May 12, driven by increased interest in tokenizing real-world assets and new institutional partnerships.
The attackers exploited vulnerabilities in the smart contracts of the Cetus protocol, using fake tokens like BULLA and MOJO to manipulate asset prices and withdraw liquidity from the pools, where approximately $11 million was stolen from the SUI/USDC pool.
The breach led to a temporary suspension of trading, and the total value locked on the Sui network dropped from $2.13 billion to $1.92 billion. The price of the Cetus protocol token decreased by 40%, while the USDC token temporarily lost its peg to the dollar due to a liquidity shortage.
