The Cetus Protocol, a major decentralized exchange and liquidity hub on the Sui blockchain, has reportedly suffered a devastating exploit, triggering a system-wide liquidity drain and the near-total collapse of several tokens within its ecosystem.
According to on-chain data and reports, attackers removed critical liquidity from Cetus trading pools, causing token prices—including USDC on Sui—to crash. At one point, USDC was trading for fractions of a cent, and liquidity for some pairs was reported as low as $143K.
“Liquidity providers are losing everything,” HodlFM stated. “Hackers are draining and dumping tokens, crashing SUI ecosystem coins by 70–90%.”
Key indicators suggest a coordinated removal and dump of assets, as trading activity plummeted and DEX functionality broke down. Token pairs across the platform lost value rapidly, with some showing 99.63% declines over the past 24 hours. Screenshots show buy and sell transactions reduced to a trickle and extreme price discrepancies surfacing in real time.
While $SUI remains stable on centralized exchanges, the decentralized side of the ecosystem has entered crisis mode, with Cetus trading halted and users scrambling for clarity.
Cetus, a core component of DeFi on Sui, had become a go-to venue for swaps and liquidity farming. The impact of this exploit could ripple across the entire Sui DeFi ecosystem.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/sui-based-cetus-protocol-reportedly-hit-by-major-exploit-usdc-depegged-tokens-crash-over-90/