The largest decentralized exchange (DEX) and liquidity provider Cetus protocol of the SUI network has faced $ 260 million hack. The SUI price is about 15% below and currently trading at $ 3.81. Binance founder CZ has promised his support and assured investors that he is doing everything he can do.
Sui’s seat hit $ 260m hack: Details
As Manifested by LukanchenThe seats of the needle have been exploited by a hacker of the dex, whose wallet address is identified as “0xe28B50”. Allegedly, the attacker has more than 12.9 million SUIs, which cost around $ 54 million.
Lukanchen further said that the attacker is robbing stolen funds by converting them into USDC. Later, he transferred a USDC worth approximately $ 60 million to the Etharium blockchain, where they are being exchanged for Eth. Analyst Ted also confirmed that the hacker had already bought ETH tokens worth $ 60 million.
After the incident, the CETUS team has stopped their smart contracts and is actively investigating exploitation.
Preliminary findings suggest that the attacker used fake tokens, such as bulls, price curves and reserved calculations, adds minimal liquidity to distort the internal LP states and draw real assets such as SUI and USDC. The team confirmed that the contract had been stopped “for security”.
The development team took action after learning the Cetus incident. He promised to investigate and take necessary action. The team wrote,
PT at 3:52 pm, we became aware of an incident related to Setas. The CETUS team has active support in this ongoing investigation and will provide further updates as soon as they become available.
In response to Crypto Hack, Binens’s founder Changpeng Jhao shared an X post, with full support to the platform. He wrote on X, “We are doing what we can help the needle. There is not a pleasant situation. Hope everyone is safu!”
We are doing what we can help the needle. Not a pleasant situation. Hope everyone lives safu!
– CZ 🔶 BNB (@cz_binance) May 22, 2025
The needle price falls, but maintains speed
After Crypto Hack, the needle token fell, but is still trading in the green zone. Earlier today, tokens hit a weekly high, which is a 1: 1 wrapped bitcoin token, on the platform after the launch of the XBTC’s Okx.
However, the rapid trend with a dip of tokens was transient and now trading at $ 3.65. In the last 24 hours, the needle increased by 4.91%. In the last four hours, tokens have seen a significant decline of more than 10%. Initial reports triggered nervousness throughout the community and suggested a large -scale outflow of $ 200 million into the fund.
Ninu V Jamal
Ninu V Jamal is an emotional crypto journalist with a three -year experience in Blockchain, Web 3 and Fintech regions. He has established himself as a knowledgeable and attractive voice in cryptocurrency and blockchain space. His experience as an assistant professor in English language and literature has added more in search of informative, well research and accessible material.
Disclaimer: The material presented may include the author’s personal opinion and is subject to the market status. Do your market research before investing in cryptocurrency. The author or publication does not have any responsibility for your personal financial loss.
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