Fake token exploit crashes CETUS 40%, BULLA and MOJO drop 90%
Token crash and ongoing investigation
Cetus Protocol, the largest liquidity provider and decentralized exchange in the Sui ecosystem, has suspended trading following an exploit that led to a $260 million liquidity loss.
Preliminary reports indicate that the attacker used fake tokens like BULLA to manipulate price curves and reserve calculations, allowing them to extract real assets.
By providing liquidity with near-zero value, the hacker repeatedly withdrew actual assets such as SUI and USDC without making significant deposits.
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“Cetus Protocol on Sui has been exploited, losing over $260 million. The hacker is converting stolen funds into USDC and bridging them to Ethereum to exchange for ETH. About $60 million in USDC has already been bridged,” Lookonchain reported on X.
Token crash and ongoing investigation
In response, the Cetus team suspended smart contract operations and launched an investigation, promising a detailed statement soon.
Cetus price dynamics on May 22. Source: CoinMarketCap
Within hours, CETUS fell by 40%, while Sui-based meme tokens like BULLA and MOJO lost over 90% of their value.
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Meanwhile, Binance founder Changpeng Zhao expressed support for the Sui team, urging calm and offering assistance.
