. @CetusProtocol This event has come to an end. I still remember when it happened, I was about to give a community class and was quite shocked when I saw it.
Latest update: @SuiFoundation has provided loan support, promising 100% asset return to all users affected by this event.
Right after the incident, it was reported that Cetus teamed up with the Sui Foundation to freeze $160 million out of the $220 million, and they acted very quickly.
It's understandable that the $SUI ecosystem, including the price of Sui itself, was affected, dropping from a recent high of 4.13 to a low of around 3.45 (-15%), and has currently rebounded to 3.7.
Honestly, I have also experienced a hacker incident where I lost $100,000 in deposits, so I completely understand how the affected users feel this time.
Of course, the Sui ecosystem itself has fewer validators, and making a quick decision to freeze funds has indeed raised some doubts, but many chains are actually quite centralized, which is also a point worth considering 🧐
Additionally, I think @tmel0211 previously objectively pointed out the issues that many DeFi teams might face, including contract writing details, financial risk control capabilities, and the role of auditing companies.
The outcome seems good, but how will such a large ecosystem protocol continue to avoid such problems in the future? That needs to be taken seriously.
Since there are many Sui ecosystem players in Taiwan, of course, we don't want to keep seeing such incidents. I hope everyone can do better! ⚡️ @GiveRep
Sui's Ecosystem Crisis: The Cetus Protocol Attack @CetusProtocol
@CetusProtocol was attacked by a smart contract vulnerability on May 22, 2025, and lost about $223 million in $SUI, $USDC and other assets! This is also the first major security incident encountered by @SuiNetwork ecology
Let's take you to understand the beginning and end 🧵👇 of the Cetus incident
Latest Results: @SuiFoundation Shoulder-to-shoulder?
@SuiFoundation provided loan support, promising to return 100% of the assets to all affected users of this event!
#Cetus #Sui #DeFi
Cetus official tweet:
📢 New Progress Update – A Path Forward Together!
Since the incident, we have reflected deeply on the incident and its impact on our users, partners, and the broader ecosystem. We are deeply sorry and take this responsibility seriously. Today, we want to share a meaningful step forward, made possible by the collective effort of many.
We have great news. Using our cash and token treasuries, we are now in a position to fully cover the stolen assets currently off-chain if the locked funds are recovered through the upcoming community vote. This includes a critical loan from the Sui Foundation, making a 100% recovery for all affected users possible.
Because full recovery is dependent upon the results of the community vote, we humbly ask for the Sui community’s full support to recover the funds via the upcoming vote. We recognize that this is an extraordinary ask forced by our actions, however we think it is the right decision especially for those affected.
Regardless of the outcome of the vote, recovery will begin immediately after. A detailed plan will follow. We deeply regret the impact caused by the recent incident and sincerely apologize to our users and the broader ecosystem for the exposure. Your trust is our top priority, and we are fully committed to making things right. We ask that everyone comes together to pass the vote, make everyone whole, and rebuild a stronger, more resilient Sui DeFi ecosystem. 🌊
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