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 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.
