Sui-Based Cetus Protocol Reportedly Hit by Major Exploit, USDC Depegged, Tokens Crash Over 90%
The Cetus Protocol, a major decentralized exchange and liquidity hub on the Sui blockchain, has reportedly suffered a devastating exploit, triggering a system-wide liquidity drain and the near-total collapse of several tokens within its ecosystem.
According to on-chain data and reports, attackers removed critical liquidity from Cetus trading pools, causing token prices—including USDC on Sui—to crash. At one point, USDC was trading for fractions of a cent, and liquidity for some pairs was reported as low as $143K.
“Liquidity providers are losing everything,” HodlFM stated. “Hackers are draining and dumping tokens, crashing SUI ecosystem coins by 70–90%.”
Key indicators suggest a coordinated removal and dump of assets, as trading activity plummeted and DEX functionality broke down. Token pairs across the platform lost value rapidly, with some showing 99.63% declines over the past 24 hours. Screenshots show buy and sell transactions reduced to a trickle and extreme price discrepancies surfacing in real time.
While $SUI remains stable on centralized exchanges, the decentralized side of the ecosystem has entered crisis mode, with Cetus trading halted and users scrambling for clarity.
Cetus, a core component of DeFi on Sui, had become a go-to venue for swaps and liquidity farming. The impact of this exploit could ripple across the entire Sui DeFi ecosystem.
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
