Cetus Protocol Hacked: First Alarm on Social Media

The panic initially spread through technical analysis and on-chain data shared on the social media platform X (formerly Twitter). Rumors about a security exploit in Cetus Protocol’s smart contracts quickly circulated. Some independent analysts claimed to have identified unusual transfer movements from specific wallet addresses, which triggered serious concern among investors.

Scale of the Attack: Millions of Dollars Stolen

New information emerging about the attack suggests that the scale of the incident may be much larger than initially thought. According to some on-chain analysis sources, the hacker is believed to have stolen a total of $475 million worth of crypto assets. This figure is significantly higher than previously reported amounts. Moreover, the attacker’s wallet remains active, and funds continue to be moved to different addresses. This indicates that the incident is not yet fully contained and that further risks may still be unfolding.

These developments raise concerns that the Cetus Protocol hack could rank among the largest DeFi attacks to date.

Official Statement from Cetus

The Cetus Protocol team confirmed the breach in an official statement:

“There was an incident detected on our protocol and our smart contract has been paused temporarily for safety. The team is investigating the incident at the moment. A further investigation statement will be made soon. We are grateful for your patience.”

Alert Announcement

There was an incident detected on our protocol and our smart contract has been paused temporarily for safety. The team is investigating the incident at the moment. A further investigation statement will be made soon. We are grateful for your patience.

— Cetus (@CetusProtocol) May 22, 2025

A Curious Development: Stolen Funds Allegedly Deposited into Suilend

On-chain data shared by the community suggests that the attacker may have deposited around $10 million worth of stolen SUI into Suilend Protocol, possibly to borrow stablecoins. This hints at a highly organized and layered exploit.

Binance Founder CZ: “We Are Doing What We Can To Help SUI”

Following the event, Binance founder CZ (Changpeng Zhao) made a public statement via his personal account:

“We’re doing our best to help SUI. Not a pleasant situation. Hope everyone stays SAFU!”

We are doing what we can to help SUI. Not a pleasant situation. Hope everyone stay SAFU!

— CZ BNB (@cz_binance) May 22, 2025

CZ’s message shows that major crypto exchanges are not indifferent to such incidents and continue to support the broader ecosystem in times of crisis.

Support from Binance CEO Teng Did Not Delay!

Binance CEO Richard Teng also voiced his support for the SUI ecosystem, following CZ’s statement. In his message, Teng emphasized that the team is fully aware of the current concerns and is doing everything possible to assist and support the ecosystem.

We are aware of concerns surrounding SUI at the moment.

Our team is doing everything we can to provide assistance and support the ecosystem.

— Richard Teng (@_RichardTeng) May 22, 2025

This reinforces Binance’s image as not just a trading platform, but a key player committed to safeguarding the broader crypto landscape during critical times.

This content is not financial advice. Markets are highly volatile, and it’s essential to conduct your own research before making any investment decisions.

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