Sui DEX Cetus Suffers $260 Million Loss in Hack; Base Tokens Plunge Up to 90%

Sui (SUI) blockchain's leading decentralized exchange (DEX) Cetus (CETUS) has reportedly been hacked, resulting in the theft of approximately $260 million worth of cryptocurrency. This incident has caused a sharp decline in major Sui-based tokens, including CETUS, leading to widespread market turmoil.

According to CoinDesk, a cryptocurrency-focused media outlet, on the 22nd, on-chain analyst Lookonchain stated, "The wallet known as the Cetus hacker address, 0xe28b50, holds 12.9 million SUI (approximately $54 million), and the total net asset value of the wallet amounts to 32.9 million SUI (approximately $137 million)." It was also observed that the hacker bridged or swapped funds through multiple routes.

Initial analysis suggests that the hacker used fake tokens like 'BULLA' to disrupt the price calculation method and repeatedly withdrew real assets such as SUI and USDC. Cetus has suspended all transactions and temporarily paused the smart contract immediately after the incident.

Cetus announced on its official X (formerly Twitter) that "for security reasons, the (smart) contract has been temporarily paused, and a detailed explanation will be provided in the future."

Following the hacking news, the price of CETUS plummeted over 40% within hours, and Sui-based meme coins BULLA and MOJO also dropped by more than 90%. As the scale of the damage grows, concerns about the Sui ecosystem are spreading.

Meanwhile, Binance founder Changpeng Zhao (CZ) also announced on X that Binance has offered support to the Sui side. Cetus plans to announce detailed information soon after taking security measures.