$SUI has not yet stopped falling. From the data, it seems that the downturn of the SUI chain began in the second half of 2025, and there has not been much improvement by the end of 2025.

In mid-2025, the first DEFI protocol on the SUI chain, CETUS, was hacked, resulting in a total loss of 60 million. Later, SUI took decisive action, using a blacklist and proxy trading to forcibly recover the stolen funds while compensating users for their losses. I must admit that SUI handled this matter very well.

Although this incident ended satisfactorily, it planted seeds of doubt regarding the security of SUI at that time. The most discussed issue was the decentralization of the SUI chain; the SUI chain can directly freeze funds, leading to centralization FUD (although I believe security is more important, many foreign players think that the SUI chain is centralized, which goes against the original intention of blockchain). Later, there were also reports of security issues with the Momentum protocol, further deepening the security FUD surrounding the SUI chain.

This is also one of the reasons why SUI performed weaker than many altcoins later on.