SUI Blockchain Shows Signs of Recovery Despite $162M Exploit

After a major exploit rocked its top decentralized exchange, the SUI blockchain is showing signs of recovery—both technically and in market sentiment.

A major exploit that hit the SUI blockchain's top decentralized exchange has sparked a remarkable recovery effort, showcasing the resilience of the crypto space in the face of adversity.

The SUI network is slowly showing signs of recovery—both technically and in market sentiment—following a major exploit that hit its top decentralized exchange.

Yesterday, network validators successfully froze an estimated $162 million in stolen assets. The funds were part of a larger theft, with about $60 million in stolen cryptocurrency ending up on Ethereum and another portion on BNB Chain.

The exploit, which occurred on Monday, targeted a smart contract on the SUI network, allowing the attacker to steal funds from users who had deposited into the DEX.

In a desperate bid to recover the looted funds, the Cetus team and SUI Foundation have been coordinating efforts and proposed a $6 million white hat bounty to the attacker in exchange for returning the Ethereum. They also promised no legal action if the funds remain untouched.

Despite the breach, SUI’s native token has risen nearly 4% today, with traders shrugging off concerns of centralization as validators independently chose to block activity from the hacker’s addresses.

Another interesting technical take comes from trader Michael_EWpro, who sees SUI completing a textbook Elliott Wave correction. His chart, which is used to identify trends and turning points, suggests that SUI is rounding out the final stages of a Wave (4), placing the potential bottom of this correction at $1.50-$1.80.

From there, the trader anticipates a strong rebound, pushing SUI as high as $20 to complete the final stages of a Wave (5). In addition, volume profiles on lower timeframes highlight minimal resistance between the $4 and $10 zones. This could support an even more explosive move if the trend reverses from the current correction.

While there may be more short-term pressure before this final push, bulls are watching closely for signs of this breakout—especially if SUI can confirm its next leg higher from the $2 zone to signal the continuation of the uptrend.