Cetus Protocol Hack Reveals Centralized Risks in Sui Ecosystem

A devastating security breach at Cetus Protocol on May 22, 2025, drained an estimated $260 million from the decentralized exchange operating on the Sui blockchain. This exploit marks one of the largest DeFi hacks of 2025 and raises concerns about the true decentralization of newer blockchain platforms like Sui. The incident exposes vulnerabilities in both smart contract security and network governance structures.