Cetus Gets Rekt in $260M Exploit as Sui Tokens Collapse 90%

Sui’s (SUI-USD) biggest DeFi player just got nuked. Cetus Protocol, the network’s top DEX and liquidity provider, has been drained in a $260 million exploit — one of the largest in DeFi this year. Tokens tied to the Sui ecosystem are now in freefall, with memecoins like BULLA and MOJO down over 90% in hours.

This wasn’t a glitch. It was a coordinated, calculated attack. And now Sui’s credibility is bleeding out fast.

Spoof Token Exploit Wipes Out Cetus Liquidity

According to on-chain data shared by Lookonchain, the attacker’s wallet — 0xe28b50 — currently holds over 12.9 million SUI, worth around $54 million, with a total net position of 32.9 million SUI (~$137 million). The wallet remains active and appears to be obfuscating funds through multiple swap paths.

Early reports suggest the attacker used spoof tokens like BULLA to trick Cetus’ pricing math. By exploiting broken price curves and reserve logic, the attacker added near-zero liquidity, then repeatedly pulled out real assets like SUI and USDC — without ever putting real capital in.

The result was that every major liquidity pool on Cetus got drained.

CETUS Token Crashes 40% as Contracts Paused

In an official post on X, the Cetus team confirmed the exploit and said smart contracts have been paused “for safety.”They’re investigating and promised a full statement — but damage control is already coming in late.

The CETUS token is down 40%, while the broader Sui token ecosystem is unraveling. Pools are empty. Charts are red. Liquidity has vanished overnight.

Sui Scrambles while CZ Offers Support

Binance founder CZ posted that his team has reached out to Sui to offer assistance. No word yet on recovery paths or reimbursement plans, but the Sui Foundation is expected to address the issue within the day.

Until then, the network’s entire DeFi narrative is hanging by a thread. For Sui, the optics are brutal. This isn’t just a protocol exploit — it’s a gut punch to the chain’s ecosystem, liquidity, and investor trust.

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