Sui-based tokens experienced significant price drops following a $223 million exploit of the Cetus Protocol, a leading decentralized exchange on the Sui blockchain. While some tokens plummeted over 90%, centralized exchange prices remained relatively stable initially. The Cetus team has paused their smart contract and is working with the Sui Foundation to recover the stolen funds.

Andre Cronje's new crypto project, Flying Tulip, has raised $200 million at a $1 billion token valuation, with plans to raise an additional $800 million through a public sale. The project aims to create an onchain exchange that integrates various DeFi functions, offering investors an innovative "onchain redemption right" for downside protection.