Cetus is a decentralized cryptocurrency exchange (DEX) built on the Sui blockchain network. The exchange announced that of the $223 million stolen in a hack on May 22, $162 million has already been frozen.
According to the Cetus team, the DEX is working with the Sui Foundation and other entities within the ecosystem to try to recover the remaining funds. The Sui Foundation also confirmed:
"A large number of validators have identified the addresses holding the stolen funds and are ignoring transactions on these addresses until further notice. The Cetus team is exploring ways to recover these funds and return them to the community."
The Cetus hack is the latest in a series of similar incidents affecting the cryptocurrency and Web3 space in the first half of 2025. Cybersecurity remains a significant issue in the crypto industry, with many industry executives calling for self-regulation and the establishment of stronger defense mechanisms, or else they may face stricter regulatory scrutiny.
On May 22, the Cetus DEX was hacked, believed to be a smart contract code exploit, resulting in approximately $223 million of user funds being stolen.
According to a report from the Extractor Web3 security notification tool team, $63 million of the stolen funds has been transferred to the Ethereum network via bridging.
The Extractor team also identified a wallet address ending in "AF16," through which the hacker laundered approximately $53 million worth of 20,000 Ether (ETH).
The asset freezing and recovery efforts coordinated among different projects, platforms, and validators in the Sui ecosystem have sparked varied reactions within the crypto community.
One user responded: "This is good news for the victims, but if validators (there are only 114 in total) can arbitrarily freeze wallets, it raises a significant question about the network's censorship resistance. Sui is hardly decentralized."
Related: Report: American tourists drugged and robbed of $123,000 in Bitcoin by fake Uber drivers
Original: “Sui Validators Freeze Majority of Stolen Funds in $220M Cetus Hack”
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