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Cetus Protocol, the largest decentralized change (DEX) on the Sui community, was hacked on Thursday, dropping about $223 million price of SUI tokens.
The hack focused the SUI/USDC liquidity pool, wiping out practically all liquidity on Cetus and bringing buying and selling on the platform to a halt.
The incident additionally triggered a flash depegging of USDC on the Sui chain, the place it was reported to be exchanging fingers for a fraction of a cent. Liquidity in some pairs fell sharply, with some swimming pools dropping as little as $143,000.
Cetus(@CetusProtocol) on #SUI was hacked and misplaced greater than $260M!
The hacker is changing the stolen funds into $USDC and cross-chaining to #Ethereum to change for $ETH, with ~60M $USDC already cross-chained.https://t.co/b0uGu8icXrhttps://t.co/0BpKSaygmr pic.twitter.com/txfxLoImOd
— Lookonchain (@lookonchain) Could 22, 2025
The exploit triggered all the high 15 SUI-based tokens to plunge by over 75%.
Cetus Protocol Crew Confirms Breach
The Cetus group confirmed the breach and suspended buying and selling in a bid to include injury. It’s probing the scope of the assault and making an attempt to convey the system again to a secure state.
“We’ve got confirmed that an attacker has stolen roughly $223M from Cetus Protocol,” it mentioned in a publish on X. “We’ve got took rapid motion to lock our contract stopping additional theft of funds.”
It added that $162 million of compromised funds have been efficiently paused, and that it’s working with the Sui Basis and different ecosystem members on next-step options, with the purpose of recovering the remaining stolen funds.
The attacker used a classy technique of assault that concerned spoof tokens comparable to BULLA, which had been used to govern defective value computations and reserve methods within the good contracts of Cetus.
The attacker additionally manipulated liquidity to withdraw precise belongings comparable to SUI and USDC, exploiting vulnerabilities within the automated market maker logic of the DEX.
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