SUI Plunges 9% as $116M DeFi Exploit Rattles Crypto Markets
SUI, the native token of the Sui blockchain, fell Tuesday after breaching critical support levels and triggering a wave of technical selling. The token dropped 9.2% to as low as $2.02 as trading volume spiked and recovery attempts repeatedly failed.
The sell-off followed Monday’s news of a $116 million exploit involving decentralized finance (DeFi) protocol Balancer, which has rattled sentiment across the industry.
As security concerns mounted, investors appeared to unwind exposure to riskier layer-1 tokens, with SUI showing signs of institutional liquidation, according to CoinDesk Research’s technical analysis model. Nearly 42.6 million tokens changed hands during the breakdown, 68% more than the daily average, according to on-chain…
