Crypto Chaos: SUI Dives 43%, Cetus Hack Turns Wallets into Swiss Cheese

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Crypto Chaos: SUI Dives 43%, Cetus Hack Turns Wallets into Swiss Cheese

In a plot twist that could make even the most seasoned blockchain enthusiast reach for the nearest tin foil hat, SUI has plummeted by a staggering 42.82% in trading volume. Why? Because some nefarious cyber-villains decided to throw a digital Molotov cocktail into the tranquil waters of the Cetus ecosystem. According to the all-knowing oracle of TradingView, it was a day that will live in infamy—May 22, 2025, to be precise.

Picture this: Cetus, the decentralized exchange that was basically the cool kid on the blockchain block, got hacked. No, it wasn’t a prank or a minor mix-up; it was a full-blown cyber assault that drained approximately $223 million—an amount roughly equal to the GDP of a small, very confused country. But don’t worry, the heroic Cetus team managed to freeze $162 million of those funds faster than you can say “404 error.”

The hackers, probably feeling a bit bored of their day job, decided to take the remaining loot, including a hefty 20,920 ETH, and run. In a move that can only be described as both brave and mildly desperate, Cetus is now offering a $6 million white hat bounty—basically, a “nice try, but please don’t hack us again” reward to the perpetrator (who’s probably giggling somewhere in a dark basement).

liquidity pools’ equivalent of a sinking ship

The fallout was catastrophic—liquidity pools suffered more damage than a badly behaved schoolboy in a china shop. Several tokens, including Lombard Staked BTC (LBTC) and AXOLcoin (AXOL), nearly went extinct, losing over 75% of their value faster than a squirrel on an energy drink. The top 15 losers all dumped over three-quarters of their market capitalization—talk about a value vacation.

SUI’s Mood: Down $5.22 and Looking Blue

SUI, that once-hopeful token, didn’t escape unscathed. Since the hacking hijinks, it’s fallen 5.22%, dropping from a promising high to a more modest $3.64. This crash wiped out a chunk of its earlier 23% gain in May—so much for momentum. The boost was originally fueled by some shiny new partnerships aiming to tokenize real-world assets—sounds promising, but now it’s just a distant memory.

As with most good stories, this one has a villain and a villainess—broad market jitters and failed resistance levels kept SUI from breaking the $4.25 barrier, sending traders into a frantic sell-off that dragged its price down to the not-so-glamorous $3.00 mark, and possibly even further if the bearish tide persists.

In the grand scheme of things, the long-term outlook remains flirtatious—SUI still has plenty of potential if it can just avoid the penchant for hackery and technical tantrums. For now, though, it’s a cautionary tale wrapped in a riddle seasoned with sarcasm and served with a side of humorous despair: in crypto, the only thing certain is uncertainty—and maybe your wallet’s going to need a serious massage.

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2025-05-24 17:01