Crypto Chaos: Sui’s Price Plummets After $223M Hack – What Now?

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  • So, let me get this straight: most Sui-based tokens just decided to drop over 30% in a day? Classic! 🙄
  • But wait! Sui’s price might just bounce back to $5 soon, thanks to those validators playing superhero and recovering most of the stolen cash. Who knew they had it in them? 💸

Now, Sui (SUI) is back at it again, getting rejected at the resistance level around $4.18. I mean, come on! With the whole crypto world buzzing like a beehive, how does this happen? The altcoin, valued at a whopping $39 billion, saw its price drop nearly 10% on Thursday, trading around $3.9. Talk about a rollercoaster! 🎢

And let’s not forget, while Sui was sulking, the rest of the altcoin market was riding the Bitcoin (BTC) wave like it was a beach day. 🏄‍♂️

Sui Ecosystem Bleeds on Cetus Protocol Hack

Oh boy, Thursday, May 22, was a real doozy for the Sui ecosystem. The Cetus Protocol, a top DEX and liquidity aggregator, got hit hard with a $223 million heist. Seriously, who needs a heist movie when you have this? The attacker just waltzed in and manipulated liquidity contracts like it was a game of Monopoly. 🎭

But don’t worry! The network validators jumped into action, pausing $162 million of the stolen funds to reimburse the poor Cetus Protocol users. Meanwhile, the thief is already chilling on the Ethereum (ETH) network with over $60 million. Must be nice! 😏

After the attack, tokens like CETUS, LOFI, and Alpha Fi (ALPHA) took a nosedive, dropping over 20%. It’s like a mass exodus to other chains. Who can blame them? 🏃‍♂️💨

Dear Sui community, thanks for your patience while we figure this mess out.

Since our last announcement, we’ve also done the following:

1. We engaged the broader ecosystem, Sui team, and related…

— Cetus (@CetusProtocol) May 22, 2025

Short-term Targets for SUI Price

Despite the chaos, Sui is trying to keep its chin up, forming a macro bullish sentiment after the crypto market decided to rebound since April. But in the four-hour timeframe, SUI got rejected again at $4.18. What a surprise! This signals a potential short-term correction towards $3.6. Just when you think it’s safe to go back in the water… 🏊‍♂️


But hey, if SUI manages to bounce back and break above $4.18, the next target is around $5.03. Fingers crossed, right? The daily MACD line is rising above the zero line, so maybe there’s hope after all. Or maybe it’s just wishful thinking. 🤷‍♂️

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2025-05-23 03:39