u.today
$SUI has seen a steep 42.82% plunge in trading volume following a major security breach on Cetus, according to data provided by TradingView.
The incident occurred May 22, 2025, when Cetus, the leading decentralized exchange and liquidity hub on the $SUI blockchain, was reportedly hacked, causing a ripple effect across the $SUI ecosystem.
The attacker allegedly drained approximately $223 million from Cetus Protocol, although the team managed to freeze $162 million shortly after. In an attempt to recover the remaining funds (including 20,920 ETH), the Cetus team is now offering a $6 million white hat bounty to the perpetrator.
The hack had a devastating impact on the $SUI ecosystem's liquidity pools. Several ecosystem tokens suffered catastrophic losses, with many dropping over 75% in value. Notably, tokens like Lombard Staked BTC (LBTC) and AXOLcoin (AXOL) nearly collapsed in price. The top 15 worst-hit tokens all lost more than three-quarters of their market value on Cetus.
$SUI price down $5.22
$SUI itself wasn't spared. The token has fallen 5.22% since the incident and is currently trading at $3.64. This drop has erased part of the impressive 23% gain it posted earlier in May.
The token’s strong earlier performance was linked to growing institutional partnerships aimed at tokenizing real-world assets globally — a development that had boosted the asset's utility and investor sentiment.
However, the recent breach, combined with a broader crypto market pullback sparked by renewed tariff concerns, has put downward pressure on $SUI’s price. The failed attempts to break above the $4.25 resistance zone may have triggered profit-taking from short-term traders, further dragging the price below the 20-day EMA at $3.70.
If this bearish momentum continues and the price stays below this level, the $SUI/USDT pair could slide toward the 50-day SMA at $3.00.
While the long-term fundamentals around $SUI remain promising due to ongoing adoption initiatives, the fallout from the Cetus hack and weakening technical indicators suggest a cautious short-term outlook.