Hacker Steals $200 Million in Cetus Protocol Exploit on Sui Network – Coincu

Key Points:

  • Hacker targets Cetus Protocol, stealing $200 million.
  • Funds converted to USDC and moved to Ethereum.
  • Token prices plummet, trading halted briefly on the network.

A hacker compromised Cetus Protocol on the Sui Network, stealing over $200 million and converting the assets to USDC to transfer them via Ethereum.

The incident underscores ongoing security challenges in decentralized finance, impacting user trust and highlighting protocol vulnerabilities, according to Oleksander Horlan, CTO of HackenProof.

$200M Heist: Details and Immediate Market Fallout

Cetus Protocol, the Sui Network’s largest decentralized exchange, recently reported a major hack that resulted in the theft of more than $200 million. The incident involved an attacker exploiting vulnerabilities in SUI-priced mining pools. “The exploit likely followed a specific path where the attacker swapped in spoof tokens to SUI by exploiting a miscalculated price curve,” stated Oleksander Horlan, CTO of HackenProof. Technical analysis suggests the attack utilized spoof tokens, manipulated price curves, and exploited liquidity pools. The funds were subsequently converted to USDC and bridged to Ethereum.

In the aftermath, the market reacted by plummeting, with token prices on Cetus Protocol dropping by up to 80%, as reported by various market analysts. Trading was halted briefly to manage the situation. Users of the protocol and broader Sui ecosystem expressed concern over the security implications and potential financial losses. According to Lookonchain’s tracking, approximately $60 million USDC has already been transferred to Ethereum.

Did you know? The $200 million theft from Cetus Protocol is one of the largest in decentralized exchange history, highlighting ongoing vulnerabilities in liquidity pool management.

Expert Insights: Security Woes and Regulatory Implications

Did you know? The $200 million theft from Cetus Protocol is one of the largest in decentralized exchange history, highlighting ongoing vulnerabilities in liquidity pool management.

According to CoinMarketCap, the native token of the Sui Network, SUI, is currently priced at $3.85 with a market cap of $12.86 billion. Recent price movements demonstrate a 24-hour decline of 2.03%, despite a longer-term increase of 44.49% over 30 days. The token’s 24-hour trading volume was $3.51 billion, showcasing significant market activity, but potential investor apprehension following the hack.

sui-daily-chart-24sui-daily-chart-24

Sui(SUI), daily chart, screenshot on CoinMarketCap at 23:22 UTC on May 22, 2025. Source: CoinMarketCap

The Coincu research team highlights that such high-profile exploits impact user confidence in nascent blockchain ecosystems like Sui. They stress the need for robust security measures to prevent similar incidents. Insights suggest that regulatory scrutiny might increase, compelling projects to improve their security infrastructures.

Source: https://coincu.com/339197-cetus-protocol-sui-network-hack/