A significant hacking attempt targeting the Cetus liquidity protocol on the Sui network resulted in a theft of over $223 million worth of crypto assets. The attack exploited a vulnerability in Cetus’s smart contract, leading to a double-digit depreciation across 46 related coins and steep price drops for popular Sui-based memecoins, reaching up to 97%. However, swift interventions from Binance, including freezing the affected smart contract, have aided recovery efforts. Cetus officials revealed they were able to freeze $162 million of the stolen funds, while the remaining amount is being tracked with support from the Sui Foundation and other ecosystem partners. Binance co-founder CZ has pledged full support for the Sui ecosystem and has been working with technical experts to decipher the attack’s specifics. The incident highlights the need for robust security measures in the industry as similar attacks have plagued other crypto companies like Circle, where a slow response time contributed to user distrust. Cetus joins a list of notable recent crypto thefts totaling over $500 million, including the February Bybit hack and Coinbase’s internal theft.