May 22, 2025 – The leading decentralized exchange (DEX) on the Sui blockchain, Cetus, has been hit by what appears to be a major security breach. The breach has drained liquidity from the exchange’s token pairs, triggering a steep fall in the price of $CETUS while sending the Sui ecosystem into a near-panic mode. How bad is it? Well, the exchange’s like-named $CETUS token is down over 90% on the day in some reporting, leading to estimates of damage totaling somewhere between $14 million to $35 million. The Event: Liquidity Crisis and Market Panic Information disseminated through social media, particularly
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