The SUI network has taken significant steps in recovering funds following the Cetus Protocol hack, securing $160 million of a total theft of between $220 and $260 million. Cetus, a leading decentralized exchange on the Sui blockchain, suffered a severe breach that drained assets from its platform. The incident prompted a swift response from SUI Network’s co-founder Adeniyi.sui, who confirmed that $160 million will be returned to Cetus as part of the recovery process. 5th May 2025 saw the price of both SUI and Cetus decline in the wake of this event.
SUI has mirrored its efforts with similar actions taken by Curve Finance in response to a previous hack, freezing assets to mitigate potential financial losses and restore market confidence. A significant 64.02% increase has been seen in the price of SUI over the past 30 days as indicated by CoinMarketCap which shows SUI trading at $3.95 with a market cap of $13.19 billion, as of May 22nd, 2025.
The attack utilized spoof tokens to manipulate real assets like SUI and USDC. Binance founder Changpeng Zhao expressed concern over the incident, urging users to be cautious and emphasizing the importance of security. This event highlights the ongoing challenges in safeguarding blockchain systems from exploits.