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Cetus Protocol, the largest decentralized trade (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 almost all liquidity on Cetus and bringing buying and selling on the platform to a halt.
The incident additionally prompted 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 trade for $ETH, with ~60M $USDC already cross-chained.https://t.co/b0uGu8icXrhttps://t.co/0BpKSaygmr pic.twitter.com/txfxLoImOd
— Lookonchain (@lookonchain) Might 22, 2025
The exploit prompted the entire high 15 SUI-based tokens to plunge by over 75%.
Cetus Protocol Group Confirms Breach
The Cetus crew confirmed the breach and suspended buying and selling in a bid to include harm. It’s probing the scope of the assault and making an attempt to carry the system again to a secure state.
“We now have confirmed that an attacker has stolen roughly $223M from Cetus Protocol,” it mentioned in a put up on X. “We now have took instant 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 aim of recovering the remaining stolen funds.
The attacker used a complicated technique of assault that concerned spoof tokens similar to BULLA, which have been used to control defective worth computations and reserve methods within the good contracts of Cetus.
The attacker additionally manipulated liquidity to withdraw precise property similar to SUI and USDC, exploiting vulnerabilities within the automated market maker logic of the DEX.
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