- SUI Network addresses $220 million theft from Cetus Protocol; $160 million to be recovered.
- Cetus Protocol is largest DEX on Sui blockchain; hacking incident led to significant asset drainage.
- SUI and CETUS face notable price drops post-breach.
On May 22, 2025, SUI Network co-founder Adeniyi.sui reported on X that $160 million of the $220 million stolen from Cetus Protocol has been frozen for recovery. Cetus Protocol, the premier decentralized exchange on the Sui blockchain, faces an unprecedented theft encounter.
Cetus Protocol encountered a severe hack, draining between $220 million and $260 million, as detailed by protocol analysts. Smart contracts were paused as investigations unfolded. Adeniyi.sui confirmed via X that $160 million is set to return to Cetus, marking a significant recovery stride.
Major Theft Response: $160 Million Recovery Secured
Cetus Protocol encountered a severe hack, draining between $220 million and $260 million, as detailed by protocol analysts. Smart contracts were paused as investigations unfolded. Adeniyi.sui confirmed via X that $160 million is set to return to Cetus, marking a significant recovery stride.
Spoof tokens were utilized by attackers to manipulate assets, focusing on real assets like SUI and USDC. Binance founder Changpeng Zhao acknowledged the situation, urging the community to stay cautious, illustrating industry concern.
We are doing what we can to help SUI. Not a pleasant situation. Hope everyone stay SAFU! — Changpeng Zhao (CZ), Founder, Binance
Historical Context, Price Data, and Expert Insights
Did you know? The SUI network’s swift action to recover $160 million mirrors efforts similar to the Curve Finance response, which also involved freezing assets to mitigate financial repercussions and rebuild market confidence.
Data from CoinMarketCap indicates SUI’s current price at $3.95, with the market cap standing at $13.19 billion. A notable 64.02% increase is documented over the past 30 days. The trading volume experienced a sharp rise, hitting $3.50 billion, as of May 22, 2025.
From the Coincu research team, historical trends suggest that immediate asset recovery enhancements and strategic exchanges collaborations could steady market dynamics. Industry practices may evolve to counteract similar exploits, protecting liquidity pools and ensuring system integrity.
Source: https://coincu.com/339132-sui-network-asset-recovery/