Cetus Protocol has suffered a severe hack, raising concerns within the DeFi community. In response, the Sui Foundation has announced a $5 million reward for information about the perpetrator.
Cetus Protocol Hack
Cetus Protocol faced a severe hack, with attackers exploiting vulnerabilities to siphon off liquidity. In response, supported by Sui Foundation, a $5 million bounty for hacker-related information was announced.
Recovery Efforts
In an effort to rectify financial impacts and enhance safety, the Foundation and Inca Digital are working to recover stolen assets through a community-backed protocol upgrade. Although the attacker's identity is still unknown, assets have been traced across blockchains as they were laundered.
Community Response and Market Impact
The community's reaction included a notable drop in SUI token value. Nevertheless, statements from key figures focused on governance and security enhancements, while community discussions have highlighted the need for reinforced decentralization frameworks. As of May 24, 2025, SUI experiences a market cap of $12.20 billion, with the token price at $3.66, down 0.83% in the last day. Despite the recent hack, SUI shows a 50.72% gain in 60 days.
The hack on Cetus Protocol underscores ongoing risks in DeFi but may also act as a catalyst for developing more resilient asset security and risk management solutions. The market continues to adapt to such challenges.
