Sui's Biggest Liquidity Provider Hacked for $223M, Causing Sui-Based Tokens to Plummet
Cetus Protocol, the largest decentralized exchange (DEX) and liquidity provider on the Sui network, has been drained of $223 million worth of tokens in an apparent hack, according to Cetus Protocol on X.
The protocol added that $162 million of the stolen funds had been "paused" and it is working with the Sui Foundation to recover the remainder of the funds.
The wallet tied to the Cetus Protocol exploit — 0xe28b50 — currently holds over 12.9 million SUI, valued at approximately $54 million at current prices.
On-chain data shows the address has a net worth exceeding 32.9 million SUI (approximately $137 million), suggesting the attacker may have already bridged or swapped funds through multiple paths.
The wallet remains active at the time of publishing and is likely in the process of obfuscating funds. This confirms the scale of the exploit and further pressures Sui's DeFi infrastructure, as major token pools and pairs remain drained.
The Cetus team has paused the smart contracts and is actively investigating, it said in an X post. According to early analysis, the attacker used spoof tokens like BULLA to exploit broken price curves and reserve calculations.
They then added near-zero liquidity to manipulate internal LP state and repeatedly removed real assets like SUI and USDC without depositing anything meaningful.
Cetus confirmed the incident on X, saying the contract has been paused 'for safety' and that a detailed statement will follow.
Binance founder CZ said the exchange's team has reached out to Sui to offer help,.
CETUS is down 40% in the past few hours, while Sui-based memecoins like BULLA and MOJO have dropped over 90%.
UPDATE (May 22, 12:00 UTC): Updates headline and story with additional details.UPDATE (May 22, 12:13 UTC): Adds further details and CZ tweet.
UPDATE (May 22, 16:40 UTC): Adds response from Cetus Network and updates headline to reflect $223 million figure.
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Newsweek
2 hours ago
- Newsweek
List of Stores Closing in June
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Smith Collection/Gado/Getty Images What To Know Closures scheduled for this month include: All McDonald's CosMC locations 38 TD Bank locations 47 Rite Aid stores Walgreens locations McDonald's is closing all five of its CosMC locations after launching the small-format stores in 2023. These units specialized in beverages while offering limited food options. "What started as a belief that McDonald's had the right to win in the fast-growing beverage space quickly came to life as a multi-location, small-format, beverage-focused concept," McDonald's said. "It allowed us to test new, bold flavors and different technologies and processes – without impacting the existing McDonald's experience for customers and crew. By creating a learning lab – in a way that only McDonald's can – the CosMc's team was able to test and learn in real customer-facing environments, which allowed for greater agility and speed. Quick adds and edits to the menu based on feedback led to more focused choices for our fans as the test continued." The chain reported that same-store sales declined 3.6 percent in the first quarter of 2025 compared to the same period in 2024. "CosMc is just another example of a failed experiment," Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek. "I think they were trying to compete with the likes of Starbucks and Sonic with the beverage-focused drive-thru and drive-in concept, and it simply did not produce enough sales to justify a stand-alone location." TD Bank is closing 38 locations, with six of them slated for Massachusetts. Despite this, TD Bank opened two new locations in New York (Brighton Beach in Brooklyn and Jerome Avenue in the Bronx) and one store in Boston (Nubian Square). For Rite Aid, 47 stores have been identified across nine states to close as the company navigates a bankruptcy filing. 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Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "From day one, CosMc's felt like a misstep, but let's not forget McDonald's isn't just a burger joint; it's a real estate empire. This was an unfortunate experiment that did not pan out the way they had hoped." What Happens Next Beene called the closures by many of the companies a "smart move." "We've seen many retailers face bankruptcy before finally scaling back. It's a good sign these retailers are being more proactive," Beene said. However, consumers should expect longer drives to pharmacies and fewer banking branches. "The companies making these cuts are trimming fat. Convenience now trumps proximity, and efficiency will beat ubiquity every time," Ryan said.
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Hamilton Spectator
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