Massive $200M Hack on Sui Blockchain DEX: What Went Wrong?

A catastrophic exploit has hit Cetus, a decentralized exchange on the Sui blockchain, with over $200 million in potential losses. Onchain data shows rapid asset drainage. While the Cetus team called it a “bug,” many blockchain experts suspect a targeted hack.

Let’s break down exactly what happened, what it means for your crypto, and what you must do right now to protect yourself.

What Happened to Cetus?

On May 22, 2025, Cetus processed a mind-blowing $2.9 billion in daily volume — up from just $320 million the day before. That spike is linked to $212M bridged to Ethereum at $1M per minute.

Web3 researcher COMDARE3 sounded the alarm on X, showing tokens on Cetus crashing by over 50%. The hardest-hit tokens include:

• Lombard Staked BTC (LBTC)
• AXOLcoin (AXOL) – down 99.5%
• Toilet (TOILET)
• Haedal Staked SUI (HASUI)

Confirmed Losses

Extractor (a tool by Hacken) confirmed $63M bridged to Ethereum, including 20,000 ETH in one transaction. The suspected exploiter’s wallet now holds:

• $52M in SUI
• $19.5M in TOILET
• $19.5M in wrapped USDT
• $4.9M in HASUI

The Cetus team confirmed $223M stolen. $162M was frozen, but the rest is still at risk. An investigation is ongoing.

Transparency Concerns

Cetus called it a “bug,” but onchain analysts aren’t buying it. A rep from AMLBot told Cointelegraph:

“Bridging $212M at $1M/minute isn’t just a bug. That’s a coordinated extraction.”

Onchain Lens reported that the attacker drained all SUI-denominated pools. The smart contract has been paused, and validators are blocking the attacker’s wallet, but damage is done.

Even Scallop, a Sui-based money market, halted borrowing operations out of caution.

Token Collapse Across Cetus

The top 15 tokens on Cetus dropped over 75%:

• AXOL: -99.5%
• LBTC: Heavy drop on Cetus (but +4% elsewhere)
• TOILET and HASUI: Still in the attacker’s wallet

This was a targeted exploit. Not a random event. And it shows how fragile some DeFi systems really are.

How to Protect Your Crypto Right Now

Let this be your wake-up call.

Use a Hardware Wallet

Don’t store large amounts in hot wallets or DEXs. Trezor keeps your private keys offline — safe from bugs, hacks, and even phishing attempts.

Enable 2FA

Turn on two-factor authentication everywhere — exchanges, wallets, everything.

Diversify Storage

Don’t keep all your funds in one place. Use multiple wallets and platforms.

Stay Informed

Follow legit crypto analysts and monitor onchain activity for red flags.

Learn from Past Hacks

This isn’t the first time. Coinbase also faced a major breach. Want to know how it happened and how users got wrecked?

👉 Read our full Coinbase Hack Analysis

Why DeFi Security Matters More Than Ever

The Cetus hack proves that even top DeFi platforms are vulnerable. $212M drained in minutes, tokens nuked, users left scrambling. DeFi gives you power — but demands vigilance.

Don’t wait for the next “bug” to learn the hard way.

Final Thoughts: Don’t Be the Next Victim

This is your chance to level up your crypto security. Don’t trust unaudited smart contracts. Don’t leave large amounts on-chain. And don’t ignore the red flags.

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