Cetus Protocol

Cetus Protocol receives a D+ risk grade (58/100) from Hindenrank, where lower scores indicate lower risk. High risk — already lost $223M to a math bug and TVL has collapsed 90%, signaling deep loss of trust A decentralized exchange on Sui that was hacked for $223M in May 2025 through a math bug in its code. It currently holds about $33M, down from $300M+ before the exploit. Its D grade reflects the severity of the hack, the possibility of the same bug class reappearing, and deeply eroded user trust.

The key risks identified for Cetus Protocol are: (1) A single math error let an attacker create billions of dollars in fake liquidity and drain $223M in under 15 minutes. The rebuilt code may still contain similar overflow bugs (2) The Sui Foundation froze the blockchain to stop the attack. A second exploit would force another freeze, raising serious questions about whether Sui is truly decentralized (3) The same code runs on both Sui and Aptos. A bug found on one chain can be copied to the other before a fix goes out, doubling the damage

Cetus Protocol scores 58/100 across eight risk dimensions: Mechanism Novelty: 0/15, Interaction Severity: 20/20, Oracle Surface: 0/10, Documentation Gaps: 7/10, Track Record: 15/15, Scale Exposure: 3/10, Regulatory Risk: 4/10, Vitality Risk: 9/10. The highest risk area is Interaction Severity at 20/20.

Among 111 rated DEX protocols on Hindenrank, Cetus Protocol ranks #110 by safety (lowest risk score = safest). Its 58/100 risk score and D+ grade place it among the riskier DEX protocols.

Cetus Protocol scores 15/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.