Sui Token Prices Drop Amid Cetus Exploit 🚨

Several Sui-based tokens saw significant price drops on decentralized exchanges Thursday morning after an apparent exploit on Cetus Protocol. This protocol, known for being a leading DEX and liquidity provider on Sui, experienced a suspected attack leading to the depletion of its liquidity pools by millions of dollars. Tokens such as LOFI and HIPPO fell by over 50%, with some losing over 90% of their value, according to DEX Screener. Meanwhile, Sui token prices on centralized exchanges showed more stability, although the liquidity drain is affecting market prices overall. The CETUS token dropped about 50% on decentralized exchanges and 30% overall in the past hour. According to CoinGecko, liquidity issues are affecting the wider market. Cetus acknowledged the incident via X, stating that the protocol’s smart contracts have been paused for safety. The team is actively investigating and will provide more information soon. While some believe the incident is linked to an oracle bug, others suggest it's more aptly described as an oracle exploit given the fund drainage and USDC outflow. The Block sought comments from Cetus Protocol. Disclaimer: The Block is a news outlet providing independent research and data. Foresight Ventures, a key investor in The Block, also invests in other crypto-related firms. Despite this, The Block remains independent in delivering unbiased information. © 2025 The Block.