A major hack on the Sui blockchain resulted in the theft of 6.27 million SUI tokens — valued at $29 million. Although the exploit took place on December 12, details only emerged on January 26 through an investigation by blockchain analyst ZachXBT.
What Happened
Hackers reportedly used cross-chain tools to obfuscate their movements. After stealing the assets on Sui, they transferred them to Ethereum via bridges and laundered them in small amounts through Tornado Cash.
A user affected by the incident quickly migrated their .sui domains to a secure wallet to avoid further losses. Still, insufficient capacity of analytic tools made tracking the stolen funds more difficult.
“The victim moved their .sui domains to a new address right after the attack. Current Sui explorer limitations hinder the investigation,” ZachXBT reported.
Rise in Hacker Attacks
The incident reflects a wider trend of escalating attacks within the crypto industry. Recently, Singapore-based exchange Phemex reported suspicious activity in its hot wallets, leading to losses over $37 million involving assets such as Bitcoin, Ethereum, and TRON.
Observers note these episodes highlight risks affecting both emerging and established blockchains.
Sui, launched in 2023, gained quick popularity thanks to parallel transaction processing and the Move programming language. At press time, the network’s market cap is $11.53 billion, ranking it the 16th-largest cryptocurrency, with over 50 million accounts.
“2025 won’t just be about speed. We’re building a future where Sui becomes a foundation for finance, gaming, AI agents, and everyday apps,” emphasized Abyodun.
Sui already boasts under-one-second transaction confirmation times, plus innovations in decentralized finance and gaming. But the $29 million hack represents a serious challenge for the network.
In November 2024, Sui suffered a technical failure that halted transactions for two hours. In October 2024, the project was embroiled in insider trading accusations involving $400 million, which the development team categorically denied.
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