ZachXBT reveals details of $29 million SUI token theft

A recent expose by blockchain investigator ZachXBT revealed a loss of $29 million but Symbols in December 2024.

This alarming incident highlights the ongoing risks facing the blockchain sector.

Attackers launder $29 million in stolen SUI tokens using Tornado Cash

On January 26, Blockchain investigator ZachXBT It revealed details of the exploit that targeted a key owner on the Sui network.

The attacker reportedly stole 6.27 million SUI tokens, worth $29 million, on December 12. The stolen assets were transferred from Sui to Ethereum using bridging tools, and then laundered through… Tornado Cash In smaller parts to hide the path.

After the hack, the affected user quickly moved their .sui holdings to a secure wallet to prevent further losses. However, efforts to trace the stolen funds remain hampered by the limited analysis tools and tracking capabilities available on the Sui network.

“The victim moved his .sui domains to a new, non-hackable address shortly after the theft. Current limitations with Sui block explorers and Sui analytics tools make it difficult to trace the theft,” ZachXBT books.

This case is part of a broader pattern of increasing exploits in the blockchain space. For example, Singapore-based Phemex Exchange Suspicious activity related to its hot wallets was recently reported. The company’s estimated losses exceed $37 million across assets such as Bitcoin, Ethereum, and TRON.

Market experts noted that such incidents underscore the ongoing risks facing both existing and emerging ecosystems.

Sui blockchain will be launched in 2023 It has gained fame as a top-tier network Designed for decentralized applications. Its adoption of the Move programming language and support for parallel transaction processing contributed to its enhancement Its rapid growth.

As of press time, Sui’s market capitalization has reached $12 billion, securing its position as the 16th largest cryptocurrency with over 50 million registered accounts. This rapid rise has undoubtedly made the network attractive to bad actors.

Despite these challenges, Sui remains focused on them Strengthening its ecosystem. Blockchain co-founder Adeniyi Abiodun said the network plans to expand its reach in 2025 by supporting sectors such as artificial intelligence, gaming and fintech. Sui aims to build on achievements such as sub-second transaction speeds and innovations in DeFi and gaming to offer more practical applications.

“In 2025 we will go beyond the ‘faster final.’ We are designing a future where Sui becomes the backbone of finance, gaming, AI-driven agents, and everyday applications,” Adeniyi said.