365Crypto
Cetus Protocol, the top DEX on Sui, just got wrecked. A major hack drained up to $260 million. Investors? Shaken. SUI dropped 15% to $3.90.
The attacker used fake tokens to mess with prices, then drained real ones like SUI and USDC. One wallet linked to the hack now holds over 12.9 million SUI — that’s around $54M.
The hacker moved funds to Ethereum using cross-chain swaps and turned most of it into USDC and ETH — nearly $60M already moved.
Cetus froze $162M worth of assets to limit damage. But it’s not just them. Haedal, a staking platform relying on Cetus liquidity, shut down its vaults until things are safe again.
Tokens tied to Cetus got hammered. LBTC and AXOL were nearly wiped out. Others like LOFI, HIPPO, and SQUIRT lost 80% in just hours.
Despite the mess, Sui’s DeFi game stays strong. TVL on the network just hit $2.2 billion — a 222% rise in one year. That shows people still believe in it.
Sui Foundation and Cetus are hunting down the hacker with help from partners. Binance’s CZ even chimed in with support.
Footnotes:
DEX = decentralized exchange.
TVL = total value locked (a metric of how much crypto is held in DeFi protocols).
Cross-chain swap = moving tokens from one blockchain to another.
