Why Crypto Investors Were Shunning Sui Today
A hacker made off with hundreds of millions of dollars in funds from a DEX using Sui.
Much of the funds were recovered, but not all.
10 stocks we like better than Sui ›
Touted by proponents as an effective, lightning-fast alternative to rival blockchains, Sui (CRYPTO: SUI) wasn't having a good Friday. As of this writing the Sui token was trading down by more than 5% in value from 4 p.m. ET, due mainly to a hack suffered by a decentralized exchange (DEX).
An investor would have been better served sticking with equities than buying Sui, as the S&P 500 index dipped by a relatively modest 0.4% during the stock trading day.
That DEX, Cetus Protocol, is built mainly on the Sui and Aptos chains. That morning, Cetus announced in a posting on its official X (formerly Twitter) account that it was attacked by a hacker. This perpetrator apparently stole assets worth roughly $223 million.
The DEX said that it had successfully paused $162 million of those funds, but that leaves $61 million lost. It added that it was working with developer the Sui Foundation and others to determine follow-up moves.
According to crypto news site The Daily Hodl, Cetus has identified the Ethereum wallet controlled by the alleged thief, and was negotiating to obtain the remainder of the stolen monies.
Cetus is the largest DEX and liquidity protocol on the Sui chain, so a security breach is deeply concerning for anyone that holds the cryptocurrency.
When a hack occurs in the crypto world, it can often be challenging for even the best blockchains to cope with the loss to their reputation, never mind the financial fallout from such incidents. Sui has a great many users and supporters, largely because transactions on the chain are quick and the system generally seems reliable. Hopefully it won't lose too much trust because of the attack.
Before you buy stock in Sui, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Sui wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $640,662!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $814,127!*
Now, it's worth noting Stock Advisor's total average return is 963% — a market-crushing outperformance compared to 168% for the S&P 500. Don't miss out on the latest top 10 list, available when you join .
See the 10 stocks »
*Stock Advisor returns as of May 19, 2025
Eric Volkman has positions in Ethereum. The Motley Fool has positions in and recommends Aptos, Ethereum, and Sui. The Motley Fool has a disclosure policy.
Why Crypto Investors Were Shunning Sui Today was originally published by The Motley Fool
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