$200M Drained from Cetus Protocol on Sui Network in Oracle Exploit - Lookonchain

$200M Drained from Cetus Protocol on Sui Network in Oracle Exploit

StarPlatinum

/2025.05.22 23:10:32

Cetus Protocol, the largest LP on Sui Network, was exploited due to an oracle bug, draining over $200M in liquidity. The attacker is converting stolen funds to ETH via Tornado Cash. Sui Network remains unaffected; the issue is isolated to Cetus. The team is working with Mysten Labs to resolve the problem.

The biggest LP provider on $SUI Network was hacked

A total of $200M have been drained from the ecosystem.

Here’s what’s happening🧵

This morning, Cetus Protocol, the main LP on Sui Network

Was exploited and over $200M in liquidity got drained

The attacker took full control of SUI-based pools and started emptying them nonstop

The Cetus team says this wasn’t a hack

According to their first statement on Discord, they found a bug in the oracle

“Please remain calm. The team is working on fixing the issue”

Initial reports say more than $200M in liquidity could be gone

The exploiter is bridging out USDC in batches of ~$1M

Just the SUI/USDC pool lost $11M

Tokens paired with SUI are collapsing, most down 70 to 90%

Now it looks like the exploiter is trying to turn the stolen funds into ETH

And launder it through Tornado Cash

While we wait for more updates on what’s going on

It’s important to note this is NOT a hack on Sui Network

The issue is isolated to Cetus Protocol

The team is working with Mysten Labs to fix the problem and share more details soon

The official message from Sui Network team members is clear

Stay calm and avoid spreading FUD without reason

This thread will be updated as we uncover more details about what happened

Relevant content

Bitcoin’s Next Move: Sideways Relief Before a Deeper Bear Market?

Bitcoin may enter a prolonged sideways phase between $57K and $87K as markets enter a relief period following a 52% drop from ATH. This consolidation could mirror the 2022 fractal, creating liquidity before a potential breakdown toward the $44K–$50K range.

Doctor Profit/4 days ago

Bitcoin Crypto Bearish Liquidity Fractal

From “Buy $1 of Bitcoin” to Token Controversies: The Davinci Jeremie Story

Davinci Jeremie urged people to buy $1 of Bitcoin in 2013 and became a symbol of early conviction. Years later, fame, lifestyle flexing, and token promotions sparked criticism. His journey reflects both crypto foresight and influencer-era controversy.

StarPlatinum/2026.03.04

Davinci Bitcoin Influencer Tokens Controversy

Jane Street Under the Microscope: Liquidity, Derivatives, and Market Disruption Claims

A sweeping narrative ties Jane Street to India’s expiry-day options case, alleged 10AM Bitcoin sell patterns, Terra’s collapse, and ETF plumbing. While none prove misconduct, critics argue a common structure: move spot, monetize derivatives, keep execution opaque.

Bull Theory/2026.02.27

JaneStreet Derivatives Liquidity Bitcoin Terra

Jane Street, ETFs, and Bitcoin: Allegations, Market Structure, and the 10AM Debate

A controversial narrative links Jane Street, ETF mechanics, and Bitcoin’s price behavior, pointing to lawsuit allegations, 10AM volatility patterns, and derivative hedging dynamics. The discussion raises broader questions about liquidity, structure, and price discovery.

Justin Bechler/2026.02.26

Bitcoin JaneStreet ETF Volatility Derivatives

Jane Street and Terra: Revisiting the UST Collapse Through New Allegations

A new federal lawsuit alleges Jane Street exploited non-public information tied to Terraform’s liquidity defenses, accelerating UST’s depeg and the Terra collapse. The firm denies the claims. The case may reignite debates on structure, design, and regulation.

Diana/2026.02.25

Terra JaneStreet UST Lawsuit Depeg

Bitcoin at Extremes: Oversold Signals and the Bottom Formation Thesis

Mean reversion and on-chain models sit at levels historically linked to bottom formation after capitulation. Realized losses reached record USD values, while deviations from anchor models remain extreme. Price pain may be fading; patience remains key.

Checkmate/2026.02.25

Bitcoin Capitulation Reversion DCA Oversold