Cetus Protocol Halts Operations After $260 Million Hack, Sending Sui Tokens Into Freefall

Description

Significant funds have reportedly disappeared from one of SUI’s leading DeFi platforms, Cetus Protocol, putting users and the wider crypto community on high alert.

Authors

Ann Maria Shibu

Publish date

May 22, 2025

Publisher

BeInCrypto

Web URL

https://beincrypto.com/cetus-protocol-halts-operations-after-suspected-hack

Referenced by

Cetus Protocol pauses operations after $260M hack

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News story

In May 2024, Justin Bons, founder and CIO of CyberCapital, publicly accused Sui of centralization. He claimed that the founders controlled 84% of staked tokens.

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Immediately after the hack, Cetus quickly paused its smart contracts to prevent further losses. In its latest announcement, the project stated that it had offered a whitehat agreement to the hacker to recover the stolen funds.

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