In a turn of events that could only be described as a cosmic joke, the SUI blockchain found itself in a bit of a pickle when its largest decentralized exchange, the illustrious Cetus Protocol, was hacked for a staggering $260 million. Yes, you heard that right—$260 million! That’s enough to buy a small country or at least a very large yacht. The SUI token, in a fit of existential dread, plummeted about 15% to a rather sad $3.81. Talk about a rollercoaster ride without the safety harness!
According to the so-called experts at Lookonchain, a hacker with the rather suspicious wallet name “0xe28b50” decided to play a game of digital charades. They tricked the system with fake tokens like BULLA—because who wouldn’t want to invest in a token named after a bull? By meddling with the liquidity pools, this digital Houdini managed to siphon off real assets, including a jaw-dropping 12.9 million SUI (worth around $54 million) and a cool $60 million in USDC. It’s like robbing a bank, but with more zeros and less chance of getting caught—at least for now!
In a panic reminiscent of a cat in a room full of rocking chairs, Cetus quickly hit the pause button on its smart contracts to prevent further calamity and launched a full investigation. The team, who apparently woke up at the crack of dawn (3:52 AM PT, to be precise), is now working around the clock to find the root cause of this debacle and recover the lost funds. Good luck with that!
Meanwhile, in a show of solidarity that could warm even the coldest of hearts, Binance’s founder, CZ (Changpeng Zhao), took to X (formerly known as Twitter) to reassure the shaken masses. “We are doing what we can to help SUI. Not a pleasant situation. Hope everyone stay SAFU!” he tweeted, which is crypto-speak for “Don’t panic, we’ve got this!” His words brought a smidgen of comfort to a community that was probably clutching their digital wallets like a lifeline.
While it’s still early days, the Cetus team is working diligently to track down the hacker and protect their precious ecosystem. Other changes are on the horizon, but for now, the focus is on damage control and community support. Because nothing says “we care” like a frantic scramble to fix things!
In a twist of fate, SUI briefly surged after OKX launched xBTC, only to plummet again following the news of the $260 million hack. Panic ensued as reports of a $200 million outflow sent the SUI community into a frenzy, resulting in a sharp sell-off. The token, which had enjoyed a brief moment of glory with a 4.91% gain over 24 hours, dropped more than 10% in just four hours and is now trading around $3.90. It’s like watching a soap opera, but with more drama and fewer commercial breaks!
This is indeed a challenging moment for the SUI ecosystem, serving as a stark reminder that while crypto may drive innovation, it also requires a healthy dose of vigilance. So, keep your eyes peeled and your wallets close, dear friends!
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2025-05-22 17:43