The Sui blockchain has been hit by a major security breach. Cetus Protocol, the network’s largest decentralized exchange (DEX) and liquidity provider, has lost over $260 million in a devastating hack. As panic spreads, the SUI token has fallen by 15% within hours, now trading around $3.95 as per Coinpedia Market data.
For a more detailed SUI Price prediction 2030, check out our full analysis!
What Happened in the Cetus Hack?
Blockchain tracker Lookonchain revealed that the attacker’s wallet, labeled “0xe28b50,” currently holds over 12.9 million SUI—worth about $54 million. The hacker has started laundering the stolen tokens by swapping them for USDC. Roughly $60 million in USDC was transferred to the Ethereum network and then used to purchase ETH.
Preliminary investigations show the hacker used fake tokens, including one named BULLA, to manipulate liquidity pools and price data. By adding minimal liquidity and manipulating reserve calculations, the attacker drained large amounts of real assets such as SUI and USDC.
Smart Contracts Paused as Investigation Begins
In response to the breach, the Cetus team quickly paused all smart contracts and began a full investigation. They are working closely with the Sui network and blockchain experts to assess the damage and prevent further losses.
A statement from the Sui development team said:
“At 3:52 AM PT, we became aware of an incident concerning Cetus. The Cetus team has our active support in this ongoing investigation and will provide further updates as they become available.”
Changpeng Zhao and Binance Offer Support
Binance founder Changpeng Zhao (CZ) weighed in on the incident through a post on X (formerly Twitter), expressing concern and offering help to the affected network.
“We are doing what we can to help SUI. Not a pleasant situation. Hope everyone stay SAFU!”
The community has praised CZ’s swift response and support during this crisis.
SUI Price Dips But Finds Some Support
Despite the hack and negative sentiment, SUI has shown some resilience. The token had earlier touched a weekly high after OKX launched xBTC—a new 1:1 Bitcoin-wrapped token on the Sui blockchain. This launch brought some positive attention before the hack disrupted momentum.
However, investor confidence remains shaken, and the coming days will be crucial as the team works to restore trust and tighten security.
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