Cetus Hack   — May 22, 2025

Incident Summary

- Cetus Protocol, the largest decentralized exchange (DEX) on $Sui was hacked today.

- The exploit involved spoof tokens or a potential oracle manipulation bug.

- Estimated losses  $260 million (Investigation ongoing. 160m of the 220m stolen funds frozen + can be recovered (hopefully)

- Impact

** The attacker drained multiple liquidity pools, causing widespread disruption.

** All trading on Cetus has been halted, and smart contracts are paused to prevent further damage.

Token Price Reactions

- SUI  Dropped  from $ 4.2 now trading around $3.81–$3.92.

CETUS (Cetus Protocol’s native token):
- Fell 30%–40% in value.

🛠️ Response & Investigation

•The Cetus team has paused all smart contracts and is actively investigating the breach.

Why still bullish : 

Despite the hack, Sui’s overall market cap remains around $13.3 billion.

Nothing wrong with SUI itself -> CETUS isolated exploit

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