Major $29 Million SUI Token Theft Exposed on Sui Network
Brief news summary
On December 12, 2024, blockchain investigator ZachXBT revealed a major theft of $29 million in SUI tokens from a prominent Sui network user. Cybercriminals transferred 6.27 million SUI tokens to Ethereum using bridging tools and laundered the funds via Tornado Cash in smaller amounts to hide their tracks. This incident highlights growing security vulnerabilities in the blockchain realm, as such breaches become increasingly prevalent. In response, the victim swiftly moved their .sui domain assets to a more secure wallet. However, tracking the stolen tokens was challenging due to limitations of the Sui network. This theft is part of a broader trend of security issues in the blockchain space, including a recent $37 million breach at Singapore-based exchange Phemex. Despite these security risks, Sui, launched in 2023 and valued at $12 billion, continues to develop its Layer-1 network for decentralized applications and seeks to expand its offerings in AI, gaming, and fintech by 2025 to enhance its ecosystem.**Blockchain Security Breach: $29 Million in SUI Tokens Stolen** A report by blockchain investigator ZachXBT has revealed a significant theft of $29 million in SUI tokens, which occurred on December 12, 2024, from a major Sui network holder. The attackers managed to transfer 6. 27 million SUI tokens to Ethereum using bridging tools and laundered the funds through Tornado Cash to conceal their trail. Following the breach, the victim promptly moved their . sui domain holdings to a secure wallet to mitigate further losses. However, tracing the stolen assets has proven challenging due to limited analytics and tracking capabilities on the Sui network, as noted by ZachXBT. This incident is part of a troubling trend of increasing exploits in the blockchain sphere.
For instance, the Singapore-based exchange, Phemex, reported suspicious activity leading to losses exceeding $37 million across multiple crypto assets, including Bitcoin and Ethereum. The Sui blockchain, launched in 2023, has quickly become a notable Layer-1 network for decentralized applications, boasting a market capitalization of $12 billion and over 50 million registered accounts. Its rapid growth is attracting malicious actors amid ongoing security concerns. Looking ahead, Sui’s co-founder, Adeniyi Abiodun, expressed plans for expansion in 2025, targeting areas such as artificial intelligence, gaming, and fintech. The network aims to enhance its features and create practical applications while maintaining focus on faster transaction finality and innovations in decentralized finance and gaming. *Investing in cryptocurrency carries high risks, and individuals should be prepared for potential total loss of their investments. *
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Major $29 Million SUI Token Theft Exposed on Sui Network
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