Cetus Protocol, a key DEX on the Sui Network, has fallen victim to a cyber attack, resulting in the loss of at least $200 million in assets. As a consequence, the value of CETUS, SUI, and various Sui meme-related tokens has significantly dropped. Below is a detailed account of the incident.

Incident Overview

Launched in May 2023, the Sui Network was functioning smoothly until it became a target for hackers. A tweet from CetusProtocol confirmed that the protocol was compromised, with losses reported to exceed $260 million.

Details of the Attack

Analysis reveals that the attackers targeted multiple liquidity pools, extracting over $11 million from the SUI/USDC pool alone. The catastrophic loss has sent shockwaves across the cryptocurrency sector.

“The hacker is converting the stolen funds into $USDC and moving to #Ethereum for exchange into $ETH.”

— Lookonchain (@lookonchain) May 22, 2025

Company Response

In response to the incident, Cetus Protocol has implemented measures to freeze its contracts to stop further losses and has pledged to conduct an exhaustive investigation.

Community Impact

The hacking event has caused a significant drop in token prices, leading to widespread uncertainty within the crypto community. Developers from the Sui Network are providing their support to mitigate the effects of this incident, while rapid actions have secured around $160 million of the compromised funds.

Conclusion

As the situation continues to unfold, the cryptocurrency community remains on high alert. The efforts of Cetus Protocol to recover from this incident are backed by strong community and developer support.