The SUI ecosystem just took a major hit. One of its main DeFi platforms, Cetus, was reportedly hacked, with over $11 million drained from the SUI/USDC pool. The news spread fast after Cointelegraph posted on X: “Cetus, main LP provider DEX on $SUI, allegedly hacked. $11M in $SUI drained from SUI/USDC pool, with most tokens down 75%+ as pools are emptied.”
🚨 BREAKING: Cetus, main LP provider DEX on $SUI, allegedly hacked.
— Cointelegraph (@Cointelegraph) May 22, 2025
$11M in $SUI drained from SUI/USDC pool, with most tokens down 75%+ as pools are emptied. pic.twitter.com/sWKwsZGjaM
This isn’t just another smart contract bug, the fallout has been serious. Tokens have crashed, liquidity has vanished, and traders are left wondering if this could be a breaking point for one of SUI’s top projects.
What you'll learn 👉
What Actually Happened?
Crypto analyst The Crypto Mark shared a video update shortly after the news broke. He said he had to pull over his car to record it. According to him, this wasn’t some random glitch, it was a coordinated attack. Hackers exploited a weakness in the scripts used on the Cetus platform, hitting the DeFi side of the SUI network hard.
The result? A massive liquidity dump. Pools were emptied, some seeing losses as high as 70% to 80%. Big money was pulled out fast, and most of it was converted and dumped. The attacker knew exactly where to strike.
⚠️$SUI HACK EXPLAINED 🔴
— The Crypto Mark (@TCRYPTOMARK) May 22, 2025
In this video, I will be discussing what the ramifications will be with the recent attack within Cetus and how the entire $SUI blockchain was impacted!
-Let’s discuss what went on and what I’m doing as an investor trader in this critical crypto… pic.twitter.com/k4UQ3V7A3u
USDC on SUI Depegged
The situation got worse when USDC on the SUI blockchain started to depeg. With liquidity drying up, the stablecoin lost its peg to the dollar, triggering even more panic. Traders rushed to pull their funds, and some tokens across the ecosystem dropped more than 75%.
The centralized exchanges seem untouched for now. The Crypto Mark made it clear that the hack only affected the DeFi layer, anything held on major CEXs should be safe.
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Moreover, Cetus responded quickly by pausing activity, likely to prevent more damage. While no official statement has been released yet, users are hoping for an update soon. In the meantime, the broader SUI community is left wondering what this means for the chain’s future.
SUI had been gaining strong momentum over the past month. The blockchain was one of the top-performing altcoins heading into May, and many saw it as a serious contender in the DeFi space. This hack, however, is a setback — and it’s unclear how long recovery might take.
Could This Be a Buying Opportunity?
Despite the shock, The Crypto Mark isn’t writing off SUI. He compared the situation to Solana’s outages back in the day, saying that sometimes, protocols bounce back even stronger. He’s not exiting his position just yet. He hinted that if fear pushes prices down further, he might look to re-enter at a discount.
This situation is still developing, and there are a lot of unanswered questions. Was this a one-time exploit, or is there a deeper vulnerability in SUI’s DeFi architecture? Is the damage limited to Cetus, or could it affect other parts of the ecosystem?
For now, investors are watching closely. And while confidence might be shaken, the next few days will tell whether SUI can recover, or if this is just the beginning of bigger problems.
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