Sui Network Got Viral and Everyone Eyes on It: What’s Happened?

Sui Network (SUI) recently grabbed headlines for all the wrong reasons: a massive $223 million exploit on its largest decentralized exchange, Cetus Protocol. This layer-1 blockchain, designed for speed and scalability, has been making waves since its 2023 launch, thanks to its innovative Move programming language and high transaction throughput. But on May 22, 2025, the crypto community turned its eyes to Sui not for its tech but for a dramatic security breach that shook its ecosystem. 

The incident sparked panic, tanked memecoin prices, and raised questions about Sui’s reliability. Yet, the network’s quick response and token recovery have kept investors intrigued. Why did this event make Sui go viral, and what does it mean for its future? This article dives into the details, exploring the hack, its aftermath, and why Sui remains a focal point in the crypto space.

What Is Sui Network and Why Was It Already Gaining Attention?

Sui Network is a layer-1 blockchain built by Mysten Labs, a team of former Meta engineers. Launched in May 2023, it aims to solve common blockchain issues like slow transaction speeds and high fees. Using the Move programming language, Sui offers parallel transaction processing, enabling up to 300,000 transactions per second with near-instant finality. 

Its object-centric model supports decentralized applications (dApps) for gaming, NFTs, and DeFi, making it a favorite among developers. Before the hack, Sui was already viral for its tech advancements and partnerships, like Circle’s USDC integration in September 2024, which boosted its token price by nearly 100% in a month. 

Posts on X also praised Sui’s user-friendly onboarding and Mysticeti consensus protocol for low latency. With a market cap of $10.31 billion, Sui was positioned as a “Solana killer,” competing with top blockchains like Ethereum and Cardano. This momentum set the stage for the intense scrutiny following the exploit.

The Cetus Protocol Hack: What Happened to Sui Network?

On May 22, 2025, Sui Network faced a crisis when Cetus Protocol, its primary decentralized exchange, suffered a $223 million exploit. The attack drained liquidity pools, including $52 million in SUI tokens, $19.5 million in TOILET memecoins, and other assets like HASUI and USDT. Initially, panic spread as traders watched tokens plummet, with some memecoins dropping up to 92%. 

Cetus quickly paused its smart contracts to limit further losses, attributing the issue to an oracle bug, not a protocol exploit. An oracle bug involves faulty price feeds, allowing attackers to manipulate trades and drain funds. The Sui Foundation, alongside Cetus and validators, froze $160 million of the stolen assets, showcasing the network’s rapid response. While the hack wasn’t a flaw in Sui’s core blockchain, it exposed vulnerabilities in its ecosystem, sparking debates about DeFi security. The incident went viral on X, with users like @cryptojourneyrs noting the market’s overreaction and smart money buying the dip.

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The Aftermath: Market Impact and Sui’s Recovery

The Cetus hack sent shockwaves through Sui’s ecosystem, with the SUI token dropping 11% from $4.21 to $3.37. Memecoins like TOILET and SUIRI crashed, and protocols like Haedal suspended features to prevent further damage. Major exchanges, including Upbit, halted SUI deposits and withdrawals, amplifying the panic. However, Sui’s token rebounded to $4 within 24 hours, driven by a 112% surge in trading volume and the ecosystem’s quick action to freeze stolen funds. 

By May 26, 2025, SUI was trading at $3.84, still up 75% over the past month, reflecting strong market confidence. The Sui Foundation’s transparency and collaboration with Binance to track the hacker restored some trust. On X, users like @ourcryptotalk emphasized that the issue was isolated to Cetus, not Sui’s core network, calming fears. While the hack dented Sui’s reputation, its resilience and developer activity—rated higher than Solana’s—kept it in the spotlight.

Why Sui Network Remains a Crypto Hotspot

Despite the hack, Sui Network’s fundamentals keep it relevant. Its Move language and Mysticeti consensus enable unmatched scalability, attracting Web3 projects, especially in gaming and DeFi. The upcoming SuiPlay0X1 gaming device, set for 2025, aims to blend blockchain with traditional gaming, drawing more developers. Partnerships like Axelar Network for cross-chain interoperability and 21Shares for broader token access fuel optimism. 

On X, @kyle_chasse highlighted Sui’s 4x wallet growth and 100,000 TPS, signaling strong adoption. However, risks remain: the hack exposed DeFi vulnerabilities, and past outages, like the November 2024 downtime, raise reliability concerns. Sui’s tokenomics, with 50% of its 10 billion tokens locked until 2030, also face scrutiny for potential centralization. Still, Sui’s ability to recover quickly and its focus on user-friendly tech keep investors and developers engaged, making it a blockchain to watch in 2025.

Conclusion

Sui Network’s viral moment in May 2025 stemmed from a $223 million hack on Cetus Protocol, but the story goes beyond the headlines. While the exploit exposed DeFi risks, Sui’s swift response, robust technology, and growing ecosystem ensured it remained a crypto focal point. The network’s ability to process transactions at lightning speed, coupled with partnerships and innovative projects like SuiPlay0X1, positions it as a strong contender in the layer-1 space. 

However, challenges like ecosystem security and tokenomics transparency linger. For investors and enthusiasts, Sui offers a mix of opportunity and caution—a blockchain with immense potential but a need for vigilance. As the crypto world evolves, Sui’s ability to learn from setbacks and capitalize on its strengths will determine its long-term success. Keep an eye on this network; it’s far from done making waves.

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FAQ

What is Sui Network?

Sui Network is a layer-1 blockchain launched in 2023 by Mysten Labs, using the Move programming language for fast, secure, and scalable dApps in gaming, NFTs, and DeFi.

Why did Sui Network go viral in May 2025?

A $223 million hack on Cetus Protocol, Sui’s largest DEX, caused a market panic and token price drop, drawing widespread attention.

Was Sui Network itself hacked?

No, the hack targeted Cetus Protocol’s liquidity pools due to an oracle bug, not a flaw in Sui’s core blockchain.

How did Sui Network respond to the hack?

Cetus paused smart contracts, and the Sui Foundation froze $160 million of stolen assets, helping stabilize the ecosystem.

Is Sui Network a good investment?

Sui’s technology and partnerships show promise, but risks like DeFi vulnerabilities and tokenomics concerns require careful research.