Cetus Protocol Hacked for $260M: Sui DeFi in Crisis as Binance Steps In
Cetus Protocol, the largest decentralized exchange (DEX) and liquidity provider on the Sui blockchain, has reportedly been drained of over $260 million in a catastrophic exploit, according to on-chain data flagged by blockchain analytics platform Lookonchain.
The wallet tied to the exploit—address 0xe28b50—currently holds more than 12.9 million SUI, valued at approximately $54 million. However, deeper analysis reveals the attacker’s total holdings exceed 32.9 million SUI, indicating substantial bridging and fund obfuscation may already be underway.
“This confirms the scale of the exploit and further pressures Sui’s DeFi infrastructure,” said Lookonchain.
Initial signs of the breach emerged when USDC on Sui depegged to near zero and token prices across Cetus trading pools plummeted by up to 99%, triggering panic across the ecosystem. Liquidity providers have reported total losses, and major token pairs remain non-functional as the attacker continues to move assets across networks.
With $260 million drained, this is now one of the largest DeFi exploits of 2025, and the most severe attack on the Sui ecosystem to date.
The attacker’s wallet remains active, raising concerns that funds may soon be routed through privacy protocols or mixers to avoid recovery.
The Cetus team has not yet issued an official post-mortem or mitigation plan, as community trust in the platform and broader Sui DeFi landscape faces a severe stress test.
As investigations unfold, users are urged to avoid interacting with affected contracts or pools, and await formal communication from the protocol’s developers.
In a brief comment, Binance CEO CZ acknowledged the situation and expressed solidarity:
“We are doing what we can to help SUI. Not a pleasant situation. Hope everyone stay SAFU!”
CZ’s statement signals potential coordination between exchanges and developers to respond to the crisis. However, without formal updates from Cetus or Sui’s core team, users are urged to exercise caution and avoid interacting with affected pools or smart contracts until further notice.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
