Nemo Protocol, a DeFi yield platform built on the Sui blockchain, has been hit by an exploit that drained millions in stablecoins.
Summary
- Nemo Protocol was exploited for $2.4 million, resulting in its TVL plunging from over $6 million to about $1.5 million.
- Cetus Protocol on Sui was similarly hacked in May, with $162M frozen on-chain and $60M bridged out, marking another major exploit on the network this year.
- DeFi hacks have surged in 2025, with $2.37 billion lost in the first half of the year.
PeckShieldAlert first flagged the breach on September 8, posting on X that roughly $2.4 million in USDC had been stolen from Nemo. The attacker quickly bridged the stolen funds from Arbitrum to Ethereum, according to the blockchain security firm’s analysis.
Nemo confirmed the attack in a tweet shortly after, adding that an investigation is underway to determine the cause of the breach. The protocol also suspended all smart contract activity in the meantime.
The fallout was immediate. Data from DeFiLlama shows that Nemo’s total value locked (TVL) plunged to about $1.53 million, down sharply from more than $6 million before the attack. The exploit targeted the protocol’s yield-trading system, which allows users to split staked assets i
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Author: Grace Abidemi
