Cetus, a decentralized exchange built on the Sui blockchain, is facing a suspected exploit that may have drained more than $200 million in digital assets. On May 22, activity on the platform spiked to $2.9 billion, far above the $320 million recorded the previous day, suggesting potential unauthorized fund outflows.

Web3 researcher COMDARE3 flagged the issue, pointing to collapsing token prices on the platform. Blockchain cybersecurity firm Hacken later confirmed that at least $63 million had already been bridged to Ethereum, with one wallet receiving 20,000 ETH. Their internal researcher, Yehor Rudytsia, verified the findings.

Several tokens, including Lombard Staked BTC (LBTC) and AXOLcoin (AXOL), lost over 75% of their value on Cetus. AXOL, in particular, plummeted by nearly 99.5%. The money market protocol Scallop, also on Sui, halted borrowing operations as a precaution, assuring users that funds remain safe.

The wallet allegedly tied to the exploit currently holds tens of millions in various tokens, including $52 million in SUI and nearly $20 million in wrapped USDt. While Cetus confirmed it had paused its smart contract due to a protocol incident, detailed information remains limited.

AMLBot analysts observed that $212 million was being bridged at a rate of $1 million per minute, raising questions about the platform’s response. Despite claims that the incident may be a bug, experts suggest the speed and scale of the transfers hint at something more deliberate.

The crypto community now awaits further clarification as Cetus investigates the breach, but the market reaction underscores growing concerns over DeFi vulnerabilities.