From Cointelegraph

May 22, 2025 8:10 am:

Cetus, a decentralized exchange (DEX) on the Sui blockchain, is suspected of a massive exploit draining over $200 million in digital assets. Pseudonymous Web3 researcher COMDARE3 reported the exploit, with Cetus processing $2.9 billion in transactions today. Tokens like LBTC and AXOL lost significant value, while the alleged exploiter holds millions in various assets.

LBTC saw a 4% gain, but AXOL suffered a 99.5% loss. The exploiter’s address contains millions in Sui, HASUI, TOILET, USDT, and other assets. Cetus confirmed an incident, pausing the smart contract for safety and launching an investigation.

However, doubts about transparency arise, with $212 million being bridged to Ethereum at a rapid rate. AMLBot suggests more than a simple bug may be at play. The timing of the incident raises questions, as the attacker gained control of SUI-denominated pools and is moving USDC.

This is a developing story, and more information will be provided as it becomes available.

Read more at Cointelegraph: Over $200M in potential losses