$200M Drained from Cetus Protocol on Sui Network in Oracle Exploit - Lookonchain

$200M Drained from Cetus Protocol on Sui Network in Oracle Exploit

StarPlatinum

/2025.05.22 23:10:32

Cetus Protocol, the largest LP on Sui Network, was exploited due to an oracle bug, draining over $200M in liquidity. The attacker is converting stolen funds to ETH via Tornado Cash. Sui Network remains unaffected; the issue is isolated to Cetus. The team is working with Mysten Labs to resolve the problem.

The biggest LP provider on $SUI Network was hacked

A total of $200M have been drained from the ecosystem.

Here’s what’s happening🧵

This morning, Cetus Protocol, the main LP on Sui Network

Was exploited and over $200M in liquidity got drained

The attacker took full control of SUI-based pools and started emptying them nonstop

The Cetus team says this wasn’t a hack

According to their first statement on Discord, they found a bug in the oracle

“Please remain calm. The team is working on fixing the issue”

Initial reports say more than $200M in liquidity could be gone

The exploiter is bridging out USDC in batches of ~$1M

Just the SUI/USDC pool lost $11M

Tokens paired with SUI are collapsing, most down 70 to 90%

Now it looks like the exploiter is trying to turn the stolen funds into ETH

And launder it through Tornado Cash

While we wait for more updates on what’s going on

It’s important to note this is NOT a hack on Sui Network

The issue is isolated to Cetus Protocol

The team is working with Mysten Labs to fix the problem and share more details soon

The official message from Sui Network team members is clear

Stay calm and avoid spreading FUD without reason

This thread will be updated as we uncover more details about what happened

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