SUI-Based Cetus Protocol Suffers $223M Hack Amid 40% Drop in Crypto Exploits

Crypto users lost $244 million to hacks and scams in May 2025, marking a 39.3% decrease from April’s figures, according to blockchain security firm PeckShield. The industry recorded approximately 20 major exploits during the month, with decentralized exchange Cetus Protocol suffering the largest single breach—a $223 million theft on May 22 involving Sui-based assets.

Notably, $157 million of stolen funds have been frozen through coordinated efforts between Cetus and the Sui network, representing a 71% recovery rate. The exploit Leveraged a vulnerability in most significant bits (MBS) checks, as identified by security analysts. This comes amid broader industry efforts to combat cybercrime, with exchange platforms and protocols implementing enhanced security protocols.