How $220M was stolen in minutes: Understanding the Cetus DEX exploit on Sui

When liquidity attracts attackers: What went wrong on Cetus? On May 22, 2025, Cetus Protocol, the primary decentralized exchange (DEX) on the Sui blockchain, suffered a major hack, marking one of the largest decentralized finance (DeFi) breaches in cryptocurrency history. An attacker exploited Cet…